Freelance Income Calculator
Calculate your true freelance income after taxes, expenses, and benefits. See if self-employment makes financial sense for you!
Your Freelance Setup
Calculate your freelance income
See your true take-home pay after taxes, expenses, and benefits
How It Works
- 1Enter your hourly rate and billable hours per week
- 2Specify working weeks per year (account for vacation)
- 3Add your tax rate and business expenses
- 4Include health insurance and retirement contributions
- 5See your true take-home income and effective rate
Frequently Asked Questions
How do I set my freelance rate?
Consider your desired annual income, add 25-35% for taxes, factor in benefits you'll pay yourself, then divide by billable hours. Most freelancers only bill 60-70% of their working hours.
What taxes do freelancers pay?
Freelancers pay regular income tax plus self-employment tax (15.3% for Social Security and Medicare). Budget 25-35% of gross income for taxes depending on your tax bracket.
How many hours can I realistically bill?
New freelancers often bill 20-25 hours/week. Established freelancers may bill 30-35 hours. The rest goes to marketing, admin, and professional development.
Should I charge hourly or project-based?
Project-based pricing often yields higher income as you get faster. Start hourly to understand your pace, then transition to project rates once you know your benchmarks.