How to figure out what to charge for 1099 work?
March 29, 2012 9:14 AM Subscribe
How to figure a contract rate for 1099 work?
posted by needlegrrl to work & money (10 answers total) 4 users marked this as a favorite
I've recently moved onto a new job. Part of my old job was doing the bookkeeping for some properties the owner owned - maybe 6ish hours a month. They have now asked me if I'm willing to keep doing this bookkeeping, but on a 1099 basis.
The hourly rate I would like to receive if paid through payroll is $30/hour. However, if they're 1099ing me, a bunch of that will potentially go to taxes.
How much more should I ask for if they're paying me as a 1099 employee? I've heard to put aside 30-40% for taxes, but is there a way to plug in my other numbers somewhere, and find out approximately what my tax liability will be? Or should I simply say "$45/hour if I'm a 1099 employee"?