Credit Score to Interest Rate Calculator

#freelance-rate-calculator-container { font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif; max-width: 800px; margin: 0 auto; padding: 20px; border: 1px solid #e0e0e0; border-radius: 8px; background-color: #f9f9f9; } .frc-header { text-align: center; margin-bottom: 30px; } .frc-header h2 { margin: 0; color: #333; font-size: 28px; } .frc-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; } @media (max-width: 600px) { .frc-grid { grid-template-columns: 1fr; } } .frc-input-group { margin-bottom: 15px; } .frc-input-group label { display: block; margin-bottom: 8px; font-weight: 600; color: #444; font-size: 14px; } .frc-input-group input { width: 100%; padding: 12px; border: 1px solid #ccc; border-radius: 4px; font-size: 16px; box-sizing: border-box; } .frc-input-group span.suffix { position: absolute; right: 10px; top: 38px; color: #777; } .frc-btn-container { grid-column: 1 / -1; text-align: center; margin-top: 20px; } button#calculateBtn { background-color: #2c3e50; color: white; border: none; padding: 15px 30px; font-size: 18px; border-radius: 4px; cursor: pointer; transition: background-color 0.3s; } button#calculateBtn:hover { background-color: #34495e; } #frc-results { grid-column: 1 / -1; background-color: #fff; padding: 25px; border-radius: 6px; border-left: 5px solid #27ae60; margin-top: 20px; display: none; box-shadow: 0 2px 10px rgba(0,0,0,0.05); } .frc-result-item { margin-bottom: 15px; border-bottom: 1px solid #eee; padding-bottom: 15px; display: flex; justify-content: space-between; align-items: center; } .frc-result-item:last-child { border-bottom: none; margin-bottom: 0; padding-bottom: 0; } .frc-result-label { font-size: 16px; color: #555; } .frc-result-value { font-size: 24px; font-weight: 700; color: #2c3e50; } .frc-result-value.highlight { color: #27ae60; font-size: 32px; } .frc-article { margin-top: 50px; padding-top: 30px; border-top: 2px solid #eee; color: #444; line-height: 1.6; } .frc-article h3 { color: #2c3e50; margin-top: 25px; } .frc-article p { margin-bottom: 15px; } .frc-article ul { margin-bottom: 20px; padding-left: 20px; } .frc-article li { margin-bottom: 10px; } .error-msg { color: #c0392b; text-align: center; margin-top: 10px; font-weight: bold; display: none; }

Freelance Hourly Rate Calculator

Determine exactly what you need to charge to meet your income goals.

Please enter valid numbers in all fields.
Minimum Hourly Rate: $0.00
Required Annual Gross Revenue: $0.00
Total Billable Hours / Year: 0
Weekly Revenue Target: $0.00
function calculateHourlyRate() { // Get input values var desiredNet = document.getElementById('desiredNetIncome').value; var expenses = document.getElementById('annualExpenses').value; var taxRate = document.getElementById('taxRate').value; var weeklyHours = document.getElementById('billableHours').value; var weeksOff = document.getElementById('vacationWeeks').value; var bufferPercent = document.getElementById('unbillablePercent').value; // Element for error display var errorMsg = document.getElementById('errorMsg'); var resultBox = document.getElementById('frc-results'); // Validate inputs if (desiredNet === "" || expenses === "" || taxRate === "" || weeklyHours === "" || weeksOff === "") { errorMsg.style.display = 'block'; resultBox.style.display = 'none'; return; } // Parse numbers var net = parseFloat(desiredNet); var exp = parseFloat(expenses); var tax = parseFloat(taxRate); var hoursPerWeek = parseFloat(weeklyHours); var weeksVacation = parseFloat(weeksOff); var buffer = parseFloat(bufferPercent) || 0; if (isNaN(net) || isNaN(exp) || isNaN(tax) || isNaN(hoursPerWeek) || isNaN(weeksVacation)) { errorMsg.style.display = 'block'; resultBox.style.display = 'none'; return; } errorMsg.style.display = 'none'; // 1. Calculate Working Weeks var workingWeeks = 52 – weeksVacation; if (workingWeeks = 1) taxDecimal = 0.99; // Prevent divide by zero or negative var totalGrossNeeded = (net + exp) / (1 – taxDecimal); // 3. Calculate Total Billable Hours var totalHours = workingWeeks * hoursPerWeek; // Adjust for buffer (if they want to charge more to cover slack time) // If buffer is 20%, we effectively reduce available billable hours or increase rate // Usually, buffer implies "I bill for X hours, but I work Y hours". // Here we simply adjust the rate: Rate = Gross / (Hours * (1 – Buffer)) var bufferDecimal = buffer / 100; var effectiveBillableHours = totalHours * (1 – bufferDecimal); if (effectiveBillableHours <= 0) effectiveBillableHours = 1; // 4. Calculate Hourly Rate var hourlyRate = totalGrossNeeded / effectiveBillableHours; // 5. Calculate Weekly Target (during working weeks) var weeklyTarget = totalGrossNeeded / workingWeeks; // Update DOM document.getElementById('resultRate').innerHTML = '$' + hourlyRate.toFixed(2); document.getElementById('resultGross').innerHTML = '$' + totalGrossNeeded.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resultHours').innerHTML = effectiveBillableHours.toFixed(0); document.getElementById('resultWeekly').innerHTML = '$' + weeklyTarget.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); // Show results resultBox.style.display = 'block'; }

Why Your Hourly Rate Should Be Higher Than You Think

One of the most common mistakes new freelancers make is calculating their hourly rate based on their previous full-time salary. If you earned $40/hour at your day job, charging $40/hour as a freelancer will likely lead to a significant pay cut.

The Hidden Costs of Freelancing

When you are employed, your employer covers roughly 20% to 30% of your salary in additional costs, including health insurance, paid time off, equipment, and payroll taxes. As a freelancer, you are responsible for all of these.

This Freelance Hourly Rate Calculator takes into account three critical factors that simple division ignores:

  • Self-Employment Taxes: You are responsible for both the employer and employee portion of Social Security and Medicare taxes.
  • Non-Billable Hours: You cannot bill 40 hours a week, every week. You spend time on marketing, invoicing, and administration.
  • Overhead Expenses: Software subscriptions, hardware, internet, and office space come directly out of your pocket.

How to Use This Calculator

To get an accurate rate, be realistic with your inputs:

  1. Desired Net Income: This is the "take-home" pay you want for your personal lifestyle.
  2. Billable Hours: Most successful freelancers only bill 20-25 hours per week. The rest is spent on business management.
  3. Weeks Off: Don't forget to account for sick days and holidays. If you don't plan for them financially, you can't afford to take them.

What is the "Buffer for Non-Billable Work"?

Even if you plan to work 30 hours a week, client delays or project gaps can occur. Adding a buffer (e.g., 10-20%) reduces your effective billable hours in the calculation, forcing the required hourly rate up. This ensures that even if you have a slow week, your average rate covers the downtime.

Leave a Comment