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The 1.5 factor for taxes and savings might be accurate for the US, but is way too low for some places (a factor of 2 would probably still be too low)
by Ives 14y ago
The 1.5 factor for taxes and savings might be accurate for the US, but is way too low for some places (a factor of 2 would probably still be too low)
- manmal 14y agoYep, in Austria taxes and insurance are approaching and even exceeding 50% of your income when you cross €100k per year.
- markhendriks 14y agoI live in the Netherlands where we too have a high tax rate. If you make an average income, 1.5x would suffice. Anything above that, 1.5x falls short. The reality is that the vast majority of freelancers stay well below 100k per year. I've adjusted the calculation to 2x to account for higher incomes and to be on the "safe" side. Thanks for your feedback!