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That's not so solid for me, although it sure would be nice. I think you've
got it about right for those whose specialty is 30-90 day contracts
generally for different (new) clients each time. If you get those rates
for long term full time contracts, you're doing quite well to find clients
to pay at that level.
Your calculation factors in huge amounts of overhead that many of us don't
have the luxury of factoring in, due to the prevailing rates on offer in
the market. Fortunately, I find that long term contracts don't involve a
lot of overhead. For example, it's not necessary to spend 25% of your work
time hustling for clients or handling billing for multiple clients if you
have a year long full time contract, so you don't need to find a way to pay
yourself for that.
I wasn't sure that Keith's original question actually involved contracting
on a 1099 basis (US independent contractor tax status). If it does, just
to throw out some additional info:
- A 1099 contractor pays an additional 10% of so of their income toward
social security taxes that are normally paid invisibly by their employer if
you are on W-2.
- It tends to be a lot easier to deduct things like home office space if
you work at home, computer and printer supplies, etc.
On Mon, Oct 24, 2016 at 9:46 AM, Tammy Van Boening <
tammyvb -at- spectrumwritingllc -dot- com> wrote:
> Because of the different tax considerations as 1099, and other factors, the
> solid rule of thumb is your minimum annual salary that you would require as
> an FTE, and then divide by 1000, so for example, at 80K/annually, the going
> rate for 1099 is $80/hour. For contract W-2, approximately 33% (30 - 35%
> range), so roughly $56/hour, W-2.
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