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Results");
document.write("With your annual salary of $")
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");
document.write(" your new hourly wage is $");
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Hidden costs:");
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Consider the following benefits and taxes that you are responsible for as a freelancer. They should be accounted for in your hourly wage:
Health care: The majority of your medical insurance cost previously paid by your employer is now solely your responsibility.
Insurance (life and disability): Life insurance and long-term disability insurance are no longer provided by your former employer. Take these important insurance benefits into account to protect you and your family in the event of death or if you become unable to work.
Social Security and Medicare: The taxes that your employer paid (half was paid by your employer and the other half was taken as a paycheck deduction) is now your full responsibility. That's about $
a year or $
per hour based on your $
annual salary.
Office Expenses: There are additional tax deductable costs of doing business that you must pay for, including computer equipment and software, office supplies, phone, fax, and high-speed Internet access, and the possibility of hiring additional vendors to support your new business venture.
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