Freelance vs. Full-Time Job Budget Comparison

Full-Time Job
Freelance Work
Personal Expenses
Comparison

Step 1: Full-Time Job Details

Income Type:

Salary Hourly

$Annual Salary:

Gross Annual: $0

Gross Monthly: $0

$Other Fixed Monthly Deductions (from paycheck - e.g., health insurance, retirement):

Estimated Overall Income Tax Rate (%):

Step 2: Freelance Work Details

Freelance Income

$Average Hourly Rate:

Average Billable Hours per Month:

Gross Monthly: $0

Gross Annual: $0

Monthly Business Expenses (Deductible)

$Software/Tools/Subscriptions:

$Office Space (Rent/Co-working/Home Office Portion):

$Marketing & Advertising:

$Professional Fees (Accountant, Lawyer - monthly average):

$Communication (Internet, Phone - business portion):

$Other Business Expenses (Supplies, Travel, etc.):

Total Monthly Business Expenses: $0

Taxation & Deductions for Freelance Income

Estimated Overall Income Tax Rate (% on Net Profit):

Hint: This rate may need to be higher than an employee's to account for self-employment/business profit taxes. Consult a tax advisor for accuracy.

$Other Fixed Monthly Personal Deductions (e.g., personal health insurance bought directly):

Step 3: Common Personal Monthly Expenses

These expenses are for your personal budget and will be applied to both scenarios after determining net income.

$Housing (Rent/Mortgage):

$Utilities (Elec, Water, Gas, Internet):

$Transportation (Fuel, Public Transport):

$Food/Groceries:

$Healthcare (Out-of-pocket, not deducted elsewhere):

$Personal Spending (Entertainment, Hobbies):

$Debt Payments (Loans, Credit Cards):

$Planned Monthly Savings Contribution:

Total Common Personal Monthly Expenses: $0

Step 4: Comparison Summary

Please fill in the details in the previous tabs to see the comparison.

Full-Time Job: ${ftIncomeTypeSalaryRadio.checked ? `Salary $${formatCurrency(getNumVal(ftAnnualSalaryEl))}/yr` : `Hourly $${formatCurrency(getNumVal(ftHourlyRateEl))} @ ${getNumVal(ftHoursWeekEl)} hrs/wk`}. Tax: ${getNumVal(ftTaxRateEl)}%. Deductions: $${formatCurrency(getNumVal(ftMonthlyDeductionsEl))}/mo.

Freelance Work: Rate $${formatCurrency(getNumVal(flHourlyRateEl))}/hr @ ${getNumVal(flBillableHoursMonthEl)} hrs/mo. Biz Expenses: $${formatCurrency(getNumVal(flExpSoftwareEl)+getNumVal(flExpOfficeEl)+getNumVal(flExpMarketingEl)+getNumVal(flExpProfFeesEl)+getNumVal(flExpCommunicationEl)+getNumVal(flExpOtherBizEl))}/mo. Tax (on profit): ${getNumVal(flTaxRateEl)}%. Personal Deductions: $${formatCurrency(getNumVal(flMonthlyPersonalDeductionsEl))}/mo.

Common Personal Monthly Expenses: $${formatCurrency(getNumVal(expHousingEl) + getNumVal(expUtilitiesEl) + getNumVal(expTransportEl) + getNumVal(expFoodEl) + getNumVal(expHealthcareOopEl) + getNumVal(expPersonalEl) + getNumVal(expDebtEl) + getNumVal(expSavingsEl))}.

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