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Freelance Rate worksheet

Grade 7 · CCSS 7.EE.B.3, 7.RP.A.3

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- Take-home income goal: $60,000 per year
- Tax set aside: 28% of profit
- Business expenses: $10,500 per year
- Billable hours per week: 19 hours
- Weeks off per year: 5 weeks
- Billable hours in a day rate: 5 hours
Find: Minimum hourly rate
Answer
2.
Problem 2.
- Take-home income goal: $76,000 per year
- Tax set aside: 30% of profit
- Business expenses: $11,000 per year
- Billable hours per week: 22 hours
- Weeks off per year: 5 weeks
- Billable hours in a day rate: 7 hours
Find: Minimum hourly rate
Answer
3.
Problem 3.
- Take-home income goal: $75,000 per year
- Tax set aside: 24% of profit
- Business expenses: $13,000 per year
- Billable hours per week: 29 hours
- Weeks off per year: 7 weeks
- Billable hours in a day rate: 9 hours
Find: Minimum hourly rate
Answer
4.
Problem 4.
- Take-home income goal: $85,000 per year
- Tax set aside: 20% of profit
- Business expenses: $9,750 per year
- Billable hours per week: 29 hours
- Weeks off per year: 6 weeks
- Billable hours in a day rate: 8 hours
Find: Minimum hourly rate
Answer
5.
Problem 5.
- Take-home income goal: $45,000 per year
- Tax set aside: 24% of profit
- Business expenses: $8,000 per year
- Billable hours per week: 28 hours
- Weeks off per year: 6 weeks
- Billable hours in a day rate: 7 hours
Find: Minimum hourly rate
Answer
6.
Problem 6.
- Take-home income goal: $78,000 per year
- Tax set aside: 22% of profit
- Business expenses: $11,000 per year
- Billable hours per week: 26 hours
- Weeks off per year: 5 weeks
- Billable hours in a day rate: 8 hours
Find: Minimum hourly rate
Answer
7.
Problem 7.
- Take-home income goal: $64,000 per year
- Tax set aside: 24% of profit
- Business expenses: $9,500 per year
- Billable hours per week: 26 hours
- Weeks off per year: 5 weeks
- Billable hours in a day rate: 6 hours
Find: Minimum hourly rate
Answer
8.
Problem 8.
- Take-home income goal: $65,000 per year
- Tax set aside: 24% of profit
- Business expenses: $7,000 per year
- Billable hours per week: 22 hours
- Weeks off per year: 7 weeks
- Billable hours in a day rate: 7 hours
Find: Minimum hourly rate
Answer
9.
Problem 9.
- Take-home income goal: $75,000 per year
- Tax set aside: 31% of profit
- Business expenses: $9,000 per year
- Billable hours per week: 26 hours
- Weeks off per year: 7 weeks
- Billable hours in a day rate: 6 hours
Find: Minimum hourly rate
Answer
10.
Problem 10.
- Take-home income goal: $68,000 per year
- Tax set aside: 16% of profit
- Business expenses: $11,000 per year
- Billable hours per week: 28 hours
- Weeks off per year: 6 weeks
- Billable hours in a day rate: 6 hours
Find: Minimum hourly rate
Answer

Answer key: Freelance Rate worksheet

1. Minimum hourly rate: $105.08
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$60,000.00}{(1 - 28%)}$ $= $83,333.33$
2. Add your business expenses to find what clients must pay you in a year
  $$83,333.33 + $10,500.00$ $= $93,833.33$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 5) \times 19$ $= 893$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$93,833.33}{893}$ $= $105.08$
5. Find your day rate: the hourly rate times 5 billable hours
  $$105.08 \times 5$ $= $525.38$
2. Minimum hourly rate: $115.64
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$76,000.00}{(1 - 30%)}$ $= $108,571.43$
2. Add your business expenses to find what clients must pay you in a year
  $$108,571.43 + $11,000.00$ $= $119,571.43$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 5) \times 22$ $= 1,034$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$119,571.43}{1,034}$ $= $115.64$
5. Find your day rate: the hourly rate times 7 billable hours
  $$115.64 \times 7$ $= $809.48$
3. Minimum hourly rate: $85.58
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$75,000.00}{(1 - 24%)}$ $= $98,684.21$
2. Add your business expenses to find what clients must pay you in a year
  $$98,684.21 + $13,000.00$ $= $111,684.21$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 7) \times 29$ $= 1,305$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$111,684.21}{1,305}$ $= $85.58$
5. Find your day rate: the hourly rate times 9 billable hours
  $$85.58 \times 9$ $= $770.24$
4. Minimum hourly rate: $86.96
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$85,000.00}{(1 - 20%)}$ $= $106,250.00$
2. Add your business expenses to find what clients must pay you in a year
  $$106,250.00 + $9,750.00$ $= $116,000.00$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 6) \times 29$ $= 1,334$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$116,000.00}{1,334}$ $= $86.96$
5. Find your day rate: the hourly rate times 8 billable hours
  $$86.96 \times 8$ $= $695.65$
5. Minimum hourly rate: $52.18
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$45,000.00}{(1 - 24%)}$ $= $59,210.53$
2. Add your business expenses to find what clients must pay you in a year
  $$59,210.53 + $8,000.00$ $= $67,210.53$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 6) \times 28$ $= 1,288$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$67,210.53}{1,288}$ $= $52.18$
5. Find your day rate: the hourly rate times 7 billable hours
  $$52.18 \times 7$ $= $365.27$
6. Minimum hourly rate: $90.83
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$78,000.00}{(1 - 22%)}$ $= $100,000.00$
2. Add your business expenses to find what clients must pay you in a year
  $$100,000.00 + $11,000.00$ $= $111,000.00$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 5) \times 26$ $= 1,222$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$111,000.00}{1,222}$ $= $90.83$
5. Find your day rate: the hourly rate times 8 billable hours
  $$90.83 \times 8$ $= $726.68$
7. Minimum hourly rate: $76.69
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$64,000.00}{(1 - 24%)}$ $= $84,210.53$
2. Add your business expenses to find what clients must pay you in a year
  $$84,210.53 + $9,500.00$ $= $93,710.53$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 5) \times 26$ $= 1,222$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$93,710.53}{1,222}$ $= $76.69$
5. Find your day rate: the hourly rate times 6 billable hours
  $$76.69 \times 6$ $= $460.12$
8. Minimum hourly rate: $93.46
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$65,000.00}{(1 - 24%)}$ $= $85,526.32$
2. Add your business expenses to find what clients must pay you in a year
  $$85,526.32 + $7,000.00$ $= $92,526.32$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 7) \times 22$ $= 990$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$92,526.32}{990}$ $= $93.46$
5. Find your day rate: the hourly rate times 7 billable hours
  $$93.46 \times 7$ $= $654.23$
9. Minimum hourly rate: $100.59
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$75,000.00}{(1 - 31%)}$ $= $108,695.65$
2. Add your business expenses to find what clients must pay you in a year
  $$108,695.65 + $9,000.00$ $= $117,695.65$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 7) \times 26$ $= 1,170$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$117,695.65}{1,170}$ $= $100.59$
5. Find your day rate: the hourly rate times 6 billable hours
  $$100.59 \times 6$ $= $603.57$
10. Minimum hourly rate: $71.39
1. Find the profit you need before tax: divide your take-home goal by the share of profit you keep after tax
  $\frac{$68,000.00}{(1 - 16%)}$ $= $80,952.38$
2. Add your business expenses to find what clients must pay you in a year
  $$80,952.38 + $11,000.00$ $= $91,952.38$
3. Count your billable hours: the weeks you work times the hours you bill each week
  $(52 - 6) \times 28$ $= 1,288$
4. Spread that total over your billable hours to get your lowest hourly rate
  $\frac{$91,952.38}{1,288}$ $= $71.39$
5. Find your day rate: the hourly rate times 6 billable hours
  $$71.39 \times 6$ $= $428.35$