Freelance Target Income Calculator

The shift from full-time employment means shifting from knowing exactly how much money you have each month to not knowing how much you will make and not knowing when it will come in.

New freelancers often start re-evaluating their spending, starting from a bottoms-up perspective.  I call this figuring out how much “your good life” costs.

I created this calculator to make sense of some of the confusion of taxes, self-employment taxes, and deductions.  I’ve also worked backward to figure out the estimated effective tax rate for your estimated after-tax costs.  The math is a bit complicated, but if you have questions definitely e-mail me.

Finally, given your hourly rate, you can make a calculation of how many hours you need to make billable per week or if you are only looking to work part of the year, how many 40-hour weeks you would need to work to meet your target income.

Download Now – $15

Get The Full Reinvent Toolkit

If you’re on your own self-employed journey, download the full Reinvent Toolkit including the target income calculator for $50. This includes:

  • Freelance Target Income Calculator: Calculate how much you need to work and at what rates for certain lifestyles (US tax calculations included)
  • Personal & Work Values Inventory Exercise: A multi-step exercise to help you narrow down and gain clarity on what matters
  • Tim Urban “Want Box” Exercise: Based on Tim Urban’s article “how to pick a career” – this exercise lets you grapple with your yearnings (e.g. fame, status, love, safety) and prioritize them.
  • Career Transition Playbook: 10 step, 50 page fillable PDF on how to naviate a career change
  • Tame Your Fear Exercise: Assess your fears, how to mitigate them, and costs of inaction
  • Design Your Life 5-Year Plans: Based on the book “Designing Your Life” – these three plans to create generative (meaning to come up with more ideas, not to pick a path) 5-year plans to help you dream bigger
Download The Full Boundless Toolkit

About Paul Millerd

Paul is a writer, creator, and curious human that is passionate about how people can reimagine their relationship with work to do things that matter. He published The Pathless Path in 2022.

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