1. Free Agent Source Inc. offers this free spreadsheet as-is, without any guarantee of accuracy.
Your use of this spreadsheet does not constitute a contract or obligation of any kind between you an
Obtain personal income tax rates from various applicable tax authorities.
For financial advice, consult a professional: accountant or financial advisor.
GROSS REVENUE
Use this calculater to estimate annual and monthly revenue from clients.
Enter values in the yellow boxes.
Number of unpaid weeks per year:
Work days per week (in a normal week):
Billable hours per day:
Billable Rate per hour:
Weeks of work per year (52 - unpaid weeks): 46
Average billable hours per month: 153.33
Average billable days per month: 19.17
Per Month
= Gross Revenue per month: $7,666.67
Mark-up from Gross Pay (Line 82): 1.41
2. NET REVENUE
Use this calculater to estimate net pay. Enter values in the yellow boxes.
= Gross Revenue per month 7,666.67
- Free Agent Source flat fee per month: 200.00
+ Free Agent Source group medical insurance co-payment: 100.00
- Group Medical Insurance cost per month: 1,000.00
- Business mobile phone service cost per month: 90.00
- Estimated monthly business expense reimbursement: 100.00
= NET REVENUE $6,376.67
GROSS PAY
- Free Agent Source employer cost (15% of Net Revenue): 956.50
Free Agent Source employer contribution (3%):
Per Month
Free Agent commisssion (85% of Net Revenue)
= This is your Gross Pay: $5,420.17
3. NET PAY
Use this calculater to estimate net pay.
Please obtain personal income tax rates from various applicable tax authorities.
- 401(k) 542.02
Taxable Income: $4,878.15
- Social Security 302.45
- Medicare 70.73
- Federal Income Tax 1,121.97
- State Income Tax 566.11
- Local Income Tax 0.00
Total Tax $2,061.26
= Estimated Net Pay $2,816.89
4. any guarantee of accuracy.
ation of any kind between you and Free Agent Source Inc.
You should assume some unpaid time between jobs, as well
as for personal administrative tasks and vacation. As
contractors and independent consultants, we usually have
6 <--- more unpaid time per year than traditional employees.
5 <--- Enter the number of days per week that you will work.
8 <--- Enter the number of hours per day that you will work.
Enter your billable rate per hour. If you bill at different rates
$50.00 <--- to different clients, enter your average rate per hour.
Per Year
$92,000.00
Generally, your revenue needs to be about 1.5 times your
gross pay, depending on your medical insurance premium
and business expenses. To make money, a staffing agency
or consulting firm needs to charge 1.5 to 2 times your gross
pay, depending on whether they provide group medical
1.41 insurance and a 401(k) retirement plan.
5. Enter yes or no. If you participate in the Free Agent Source
group medical insurance plan, Free Agent Source pays $100
toward your medical inusrance premium for each month that
yes <--- you have revenue.
$1,000.00 <--- Enter your monthly group medical and dental insurance premium.
$90.00 <--- Enter the cost of your business mobile phone service per month.
Enter your estimated average monthly business expenses.
Normal business expenses include purchase of mobile phone
handset and accessories, computer and software, other
$100.00 <--- business expenses.
Free Agent Source automatically contributes 3% to your
401(k) retirement plan whether or not you participate in the
plan. This 3% is paid from the 15% employer cost.
$191.30 Essentially the actual cost to employees is 12%. Although
IRS rules state that you cannot access your 401(k)
retirement fund without a tax penalty until you retire.
Per Year
$65,042.00
6. authorities.
Enter your 401(k) contribution rate as a percent of your
10% <--- Gross Pay.
6.20% <--- Re-confirm the social security income tax rate as needed.
1.45% <--- Re-confirm the medicare income tax rate as needed.
23.00% <--- Enter your federal income tax rate.
11.61% <--- Enter your state income tax rate.
0.00% <--- Enter your local income tax rate, if applicable.
42.26%
