Freelance Hourly Rate Calculator - Help test it!

[JamesProvost]

Yesterday I went to Sheridan, the school I graduated from, to speak to some third and fourth year illustration students about my work and the business of illustration.

I got a few questions about money, which I was a little reluctant to answer directly. Afterwards, I remembered a freelance hourly rate calculator I came across online a few years ago. It helped you decide hour much you need to charge clients hourly based on your personal needs, operating costs, working hours, etc. Unfortunately, it is no longer online.

So I decided to make my own: http://technicalillustrators.org/freela ... alculator/

Please give it a try and let me know your thoughts. Am I missing anything? Should I include taxes somehow, maybe let users input an estimated tax rate?

[jhatch]

James,

I like the idea but are the inputs safe and private? It's a very interesting topic and one of the most difficult aspects of our business.

[clint]

I like it, this one is actually much closer than any of the other ones I've tried.
NIce work. Quarterly estimated taxes might be the only other thing I could think to add.

[JamesProvost]

Jim: All the inputs and calculations are done locally on your computer. They're only submitted to the server if you request an email report. I'll add a disclaimer explaining that.

Clint: True, income tax is a huge chunk. I'm not sure how to do it... a text box where you estimate your rate, or just a flat 25% to encourage people to set that aside?

[JamesProvost]

Thanks for the feedback. Here are the changes I've made:

• added input for income tax rate
• tax rate affects hourly rate
• gross annual sales, how much you need to sell
• net monthly income, how much you make per month after taxes
• quarterly taxes, how much to set aside each quarter

Would any other results be helpful?
Should Net Monthly Income subtract business expenses?