Freelance Budget Calculator
Helps freelancers project income needs and determine what to charge to cover expenses and taxes
Rent, food, insurance, bills, etc.
Estimated combined tax rate (federal + state + self-employment)
How much you want to save each month after taxes
Time spent on admin, marketing, learning, etc.
Total you need to earn before taxes to cover expenses and savings
Minimum rate assuming a 160-hour work month minus non-billable time
Hours needed at different hourly rates to meet your income goal
Frequently Asked Questions
How much should a freelancer budget for taxes?
In the US, freelancers should set aside 25-35% of income for federal and state income taxes plus self-employment tax (15.3%). The exact amount depends on your total income, deductions, and state tax rates. Quarterly estimated payments are required.
What expenses should freelancers budget for?
Beyond personal living expenses, budget for health insurance, retirement contributions, self-employment taxes, business insurance, software and tools, professional development, accounting fees, and an emergency fund covering 3-6 months of expenses.
How do I calculate my minimum freelance income?
Add your monthly personal expenses to your savings goal, divide by (1 minus your tax rate) to get your required gross income. Then divide by your estimated billable hours to find the minimum hourly rate that covers everything.
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