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This helps you quantify what you should be charging to meet your yearly income goals. You will need a ballpark of your expenses to accurately complete this. Refer to an online calculator or fill out your annual finances in the above example to play around with some numbers.
| Annual salary goal | $50,000 | |-----------------------------------------------------|--------------------------| | | | | Monthly Expenses (from Annual Finances page) | $503 | | est self-employment taxes, per month | $638=B1*(0.153/12) | | est expenses, per week (total monthly/4) | $285=(B3+4)/4 | | Monthly gross revenue needed (working 11 mos) | $5686 =(B1/11)+B3+B4 | | | | | Weekly net income needed (working 48 wks/yr) | $1042=B1/48 | | Weekly gross income needed (net + expenses) | $1327 =B8+B5 | | Number of shifts willing to work per week (average) | 1.25 | | Shift rate (average) | $1061=B9/B10 |
This material is intended for educational purposes only, please seek professional advice for recommendations specific to your situation.