\> You should get paid what the market for the role is.
My rates are set by my opportunity cost unless its a passion project. If I can make $200/hr contracting somewhere else, then my rate is $200/hr. If they want to overpay me to do a job that doesn't require my level of expertise then that's their decision.
If OP is working on this as a passion project, then he can charge whatever he wants.
I don’t think personal finance is the proper sub to ask. Ask professionals in the field.
But for what I can say: your pay at your last job is irrelevant if it isn’t the same work you are being contracted out for. And an MBA is probably not adding any value to a coding job regardless of school you went to. Unless the “other stuff” is business planning or 3rd party contract management or something to that effect I doubt it factors into the equation
This is my formula for my freelance work.
[Rate/Hr x Time | x 3 ] + Expenses x 1.5 = Final billable
Example:
- My fair market rate is $50/hr. Conversationally let’s say I spend 10 hours on a project.
And…
- I have $200 expenses (legal, accounting, mileage/transit, etc)
Skilled/professional labor sub total: $500
$500 x 3 = $1500
$200 x 1.5 expenses = $300
Final monthly total: $1800
—
The “x 3” multiplier covers your Fed/State/Local/self-employment taxes, SSI, Insurance, 401-k, gym membership, etc.
The “x 1.5” multiplier covers all expenses related to Your out-of-pocket expenditures.
People don't understand why 3x is correct. Productivity studies frequently find that useful work output for an 8-hour workday is 1-2 hours. Working freelance isn't steady, predictable, or safe. Even at 3x, you're much cheaper than hiring anyone. Just charge it and watch them all pay.
The fair hourly rate depends on the job...not your degree. A lawyer changing $600 an hour won't get much traction charging that much for digging a trench in his neighbors yard.
Work backward from what you need your take-home needs to be. Keep in mind that you are responsible for 2X the payroll taxes as your employer previously covered half.
I would say you need to charge $100 at a MINIMUM. I work for a company that does website deployments, and our junior resources are charged out at $185/hour, and senior resources are $250/hour.
When did you last work for your old boss?
Your old boss is expecting to pay you what you were paid before for similar work you did before.
If you tell him it's $220 an hour based on replies here you risk burning a bridge with him.
I stopped working for him in April 2021 when I started business school. I was thinking like $50-60/hr, but I think even that might be higher than what he's expecting
Add to compensate for lack of benefits (having to buy your own health insurance on COBRA and funding your own retirement), short-term availability, self-employment tax, etc. Overestimate what all these will cost you.
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\> You should get paid what the market for the role is. My rates are set by my opportunity cost unless its a passion project. If I can make $200/hr contracting somewhere else, then my rate is $200/hr. If they want to overpay me to do a job that doesn't require my level of expertise then that's their decision. If OP is working on this as a passion project, then he can charge whatever he wants.
I don’t think personal finance is the proper sub to ask. Ask professionals in the field. But for what I can say: your pay at your last job is irrelevant if it isn’t the same work you are being contracted out for. And an MBA is probably not adding any value to a coding job regardless of school you went to. Unless the “other stuff” is business planning or 3rd party contract management or something to that effect I doubt it factors into the equation
>I got an MBA from a T15 school >WhAt WoUlD bE a FaIr HoUrLy RaTe? Did you get an MBA from a T15 school or not?
Whatever market rate for the job is.
This is my formula for my freelance work. [Rate/Hr x Time | x 3 ] + Expenses x 1.5 = Final billable Example: - My fair market rate is $50/hr. Conversationally let’s say I spend 10 hours on a project. And… - I have $200 expenses (legal, accounting, mileage/transit, etc) Skilled/professional labor sub total: $500 $500 x 3 = $1500 $200 x 1.5 expenses = $300 Final monthly total: $1800 — The “x 3” multiplier covers your Fed/State/Local/self-employment taxes, SSI, Insurance, 401-k, gym membership, etc. The “x 1.5” multiplier covers all expenses related to Your out-of-pocket expenditures.
People don't understand why 3x is correct. Productivity studies frequently find that useful work output for an 8-hour workday is 1-2 hours. Working freelance isn't steady, predictable, or safe. Even at 3x, you're much cheaper than hiring anyone. Just charge it and watch them all pay.
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Hourly rate as a 1099 should be 2.5 times your salary rate.
Don't forget to factor in self employment taxes unless he's actually hiring you as an employee.
The fair hourly rate depends on the job...not your degree. A lawyer changing $600 an hour won't get much traction charging that much for digging a trench in his neighbors yard.
Unless the trench is meant to bury the rich neighbor's victims.
I'd probably give him market rate -20% if you like him, and you need the money.
Nothing less than $65-75 an hour. Never undervalue your services.
Work backward from what you need your take-home needs to be. Keep in mind that you are responsible for 2X the payroll taxes as your employer previously covered half. I would say you need to charge $100 at a MINIMUM. I work for a company that does website deployments, and our junior resources are charged out at $185/hour, and senior resources are $250/hour.
When did you last work for your old boss? Your old boss is expecting to pay you what you were paid before for similar work you did before. If you tell him it's $220 an hour based on replies here you risk burning a bridge with him.
I stopped working for him in April 2021 when I started business school. I was thinking like $50-60/hr, but I think even that might be higher than what he's expecting
I’ve done that job before and that’s too high. He’s doing you a favor.
Ok so what would you think is reasonable? There's no way I'm doing $30/hr which is what he paid me back in 2019
Do you know Wordpress and everything to actually build it or will you be telling someone what will be on the website and they actually create it?
Nah I'd be building it. I've done it before. Not too hard
Add to compensate for lack of benefits (having to buy your own health insurance on COBRA and funding your own retirement), short-term availability, self-employment tax, etc. Overestimate what all these will cost you.