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Oh, my. There are so many answers posted for one question.
Hourly rate conversion is Hour x 40 = Weekly pay, Hour x 173 = Monthly
pay, and Hour x 2000 = Yearly pay if two weeks are unpaid for vacation.
Hourly bill rate should be higher than pay because of the costs of doing
business as 1099. Recruiters and employment agencies take 40% of bill
rate on average, so $60 per hour paid to employee is billed at $100.
Independent contractors should figure out what percentage will be
overhead before getting paid. 20% may be right in some cases, so 80% of
bill rate is pay. The formula to figure out the bill rate for $60 per
hour pay at 80% is 60/0.8, so it is $75 per hour.
So the formulas for $60 per hour at 80% pay from bill rate follow.
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60/0.8 = $75 per hour billed.
75 x 40 = $3,000 per week.
75 x 173 = $12,975 per month average. (155700 per year with paid vacations)
75 x 2000 = $150,000 per year.
If it is a months long contract, use the monthly formula. If it is a
years long contract, use the annual formula, unless you expect your
client to pay for your vacations. If it is a deliverable-based contract,
make estimates on how long it will take to complete each deliverable and
use the appropriate formula of hours, weeks, months, or years for making
accurate estimates.
Lauren
On 10/22/2016 11:18 PM, Keith Hood wrote:
In order to give a rate quote, I need to figure out what is the monthly
gross when working by the hour. I know there are several ways of converting
hourly pay to monthly - what is the most accurate?
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