Calculate an approx Daily Rate if you want to switch from Salaried to Consulting or vice versa. Note that this is just a fun tool and does not suggest any legal or tax/accounting advice. Currently built for United States only. Play at your own risk!!
Assumptions:
- Same income tax rate as salaried
- Same number of vacation days as salaried
- Same number of sick days as salaried
- Same amount of insurance premium paid out of pocket.
- Same amount of total 401K contribution
- Total number of possible business days: {{ businessdays }}
- Total number of days actually worked: {{ workingdays }}
* Break Even Daily Rate is the Minimum you need to make daily (pre-tax) to match your current Salaried income.