Use our freelance hourly rate calculator to set your rates competitively and get paid what you’re worth.

How This Calculator Works

This freelancer rate calculator makes several assumptions to suggest an hourly rate for your services:

• Desired Annual Salary: This is the yearly income you aim to earn from freelancing.
• Billable Hours per Week: These are the hours per week you can charge clients for. It doesn’t include administrative or non-billable work.
• Number of Working Weeks per Year: This is the total number of weeks per year you expect to work, excluding vacations and holidays.
• Monthly Overhead Costs: These include all the expenses to run your freelancing business, such as software, office space, utilities, and insurance. The calculator annualizes this expense by multiplying by 12.
• Desired Profit Margin: This is the percentage of profit over your salary and overhead costs. A profit margin allows you to grow your business and save for the future.

The calculator then uses these inputs to compute your suggested hourly rate with the following formula:

Hourly Rate = (Desired Annual Salary + (Monthly Overhead Costs x 12)) / (Billable Hours per Week x Number of Working Weeks per Year) x (1 + Desired Profit Margin)

Adjust the sliders and input fields to see how different scenarios affect your suggested hourly rate.

Here are some tips for using this freelance salary calculator:

• Be honest with yourself about your expenses and desired salary. The more accurate your inputs are, the more accurate your results will be.
• Consider your industry and experience level. Freelancers in certain industries and with more experience can typically charge higher rates.
• Factor in your target market. If you’re targeting high-end clients, you may be able to charge higher rates.
• Don’t be afraid to experiment. You can always adjust your rate up or down as needed.

Freelancing is on the rise. The number of freelancers has grown by 34% in just two years. And it’s no wonder: freelancing offers workers the flexibility, freedom, and potential to earn more money than they ever could in a traditional job.

But how much should freelancers charge? That’s where our freelance rate calculator comes in. Our calculator takes into account your desired annual salary, estimated monthly expenses, and desired number of work hours per week to arrive at your minimum hourly rate. So you can be sure that you’re charging a rate that is fair and competitive.

Here are some key statistics on freelance income: Did you know that research from Upwork shows that 44% of freelancers make more money than they did in traditional jobs? Also, the Payoneer 2022 global freelancer income report found that the global hourly freelancing rate has increased significantly, from $21 in 2020 to $28 in 2022.

If you’re serious about making a living as a freelancer, using a freelance hourly rate calculator is an obvious first step. It’s the best way to ensure you’re getting paid what you’re worth.

TL;DR: As a freelancing consultant myself, I know how important it is to charge a fair and competitive rate. That’s why I recommend using a freelance rate calculator. It’s a simple and easy-to-use tool that can help you determine your minimum hourly rate in seconds.