Rate Calculator

Transitioning from being an employee to being a contractor can take some thought. For example, how does an annual salary as an employee translate to an hourly rate as a contractor? Let us help you figure that out! Just enter in a few details below to find out what hourly rate you should target.

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Annual salary you would like to target

Number of days you’d like to take off each year
        Will you be an employee of a company or will you be self-employed (either 1099 or through your own company)?
$
Expected monthly health insurance premiums you will have to pay to be insured
%
Previous employer match in 401K program, assuming you want your total contributions to remain the same
%
What % of the year you expect to work, accounting for time between positions. Suggestion is to use 80% to account for unforseen lapse in work
Contracting Rate:
Working Hours: 2080 - (Time off * 8)
Base Rate: Salary / Working Hours
Benefits & Taxes: (Health*12) + (Salary*401K match) + (Salary*7.65% if self employed)
Rate after Benefits & Taxes: Base Rate + ((Benefits & Taxes)/Working Hours)
Contracting Rate Inclusive of Capacity: Rate After Benefits & Taxes / Annual Capacity