3 ms·
Lets choose SF since it's a pretty popular tech hub: $80/hr in SF = Lets assume 10/12 months billable (optimistic) the rest looking for clients or on vacation
by CryoLogic 8y ago
Lets choose SF since it's a pretty popular tech hub:
$80/hr in SF = Lets assume 10/12 months billable (optimistic) the rest looking for clients or on vacation that gives you 80 * 8 * 5 * 4 * 10 = $128,000
28% federal income tax +
15.3% self employment tax +
7.25% California state income tax = 55.55% in tax.
After tax 128000 - (128000 * .5555) = $56,896
Average 1bd in SF: $3250 (https://www.rentjungle.com/average-rent-in-san-francisco-rent-trends/ https://www.rentjungle.com/average-rent-in-san-francisco-ren...) * 12 = $39,000 per year.
$56,896 - $39,000 = $17,896.
Cheapest health insurance for a year (http://www.ncsl.org/research/health/health-insurance-premiums.aspx http://www.ncsl.org/research/health/health-insurance-premium...): $6,000 or so
$17,896 - $6,000 = $11,896
$500/mo for food = $6,000/yr, $11,896 - $6,000 = $5,896
W/S/G + Electric = $50/mo, $600/yr, $5,896 - $600 = $5,296
Internet + Phone = $600/yr = $4,696
So yeah that's not actually a lot depending on your location. I am sure if you are a great developer living in Thailand than $80/hr makes you a baller.