| >>$100/hour...My eyes bulged out my skull...My highest >>fulltime salary to that point had been $120k ($58/hour). Not sure if that $100/hour was a 1099 type rate or a W2 type rate. Either way, it does still likely beat your $120k/year salary, but perhaps not by as much as you think. Either way (1099 or W2), you aren't getting the benefit of any company paid medical, 401k, paid vacation, sick days, etc. If it happens to be 1099, you also have to account for the self employment taxes you'll have to pay. Using a spreadsheet I keep around for this purpose, assuming $120k salary with $600/month worth of company offset health insurance, a 100%-up to 6% salary 401k, 3 weeks vacation, and 10 paid holidays...the 1099 equivalent to $120k/year would be $80.90 per hour. Or in short, for anyone considering making the move, don't forget to calculate the benefits that come with full time employment before you set your rate. |