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There's no straight answer because salaries vary. If you're on the low end 20% isn't enough of a bump. On the high end 20% may price you out. Figure what you want to earn per year, add 12% for SSI payments (you're covering 6% and the company 6%) then add 20% to cover insurance. Add 5 to 10% to cover T&E (higher % for large/commuter cities) total and divide by 240. That should get you to something you will +/- by 10% as a day rate.
Actually you should go with 260 days, not 365. We might work weekends, but we aren’t paid for them.
Just remember that you have to pay self-employment tax in addition to regular income tax on all freelance income. Here’s some more info on what to expect with that: https://gusto.com/framework/payroll/how-to-calculate-your-self-employment-tax-in-4-simple-steps/
365 days in a year, 8 hours in a day. Your phone has a calculator
Jesus yah I know that haha. But once I have that hourly rate, I should charge a premium for freelancing versus my salary right?
Like if my salary translates to $12 an hour, I could ask for $15 freelancing, if that makes sense
Yes when I was a junior I was charging 450$ a and that was low
I’m really surprised there’s no straight forward answer here like add 20% to your salary’s hourly rate
This ☝🏼
Just think about - what’s the max someone would pay me? And go from there