How is a freelance hourly rate calculated?

Hourly Rate = `(Target Salary + Operating Overhead + Taxes) / Billable Hours per Year`.

What are non-billable hours?

Non-billable hours are time spent on administration, invoicing, marketing, proposals, and learning that cannot be charged directly to clients.

Freelancers are responsible for self-employment tax (social security and Medicare) plus income tax, typically requiring 25%–35% reserved for taxes.

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Determine your minimum billable hourly rate based on target income and overheads.

Target Net Income ($/yr)

Annual Expenses & Software ($)

Billable Hours per Week

Working Weeks per Year

Minimum Billable Hourly Rate

$87 / hr

Gross Revenue Target: $105,300

Estimated Taxes (25%): $24,300

Total Billable Hours/Yr: 1,200 hrs