Free calculators for freelancers, contractors, and side hustlers • No signup required
For freelancers and contractors in 2026, the most important calculation is your true day rate — what you need to charge to cover tax, gaps between contracts, holidays, and expenses. Boring Math's Freelance Day Rate Calculator handles this for UK contractors. For US workers moving from W2 employment to 1099 contracting, the W2 to 1099 Calculator shows how much more you need to charge to break even. All calculators are free with no account required.
Calculates what you need to charge per day as a freelancer to match a target annual salary, accounting for unpaid holidays, sick days, tax, and business expenses.
Best for: UK freelancers and contractors setting their rates for the first time or reviewing existing rates.
Open calculator →Converts a US W2 hourly or annual rate to the equivalent 1099 contractor rate, accounting for self-employment tax, benefits, and paid time off that contractors must fund themselves.
Best for: US workers switching from employment to contracting, or comparing job offers.
Open calculator →Compares the true financial difference between contracting and employment, including tax treatment, benefits, pension, and day rate vs salary.
Best for: UK workers deciding whether to go limited company, umbrella, or stay employed.
Open calculator →Calculates whether your side hustle earns enough to replace your salary, accounting for tax, loss of employment benefits, and income variability.
Best for: Anyone considering quitting their job to run their business full-time.
Open calculator →Calculates true hourly earnings from a side hustle after expenses, tax, and time spent on admin — not just gross revenue.
Best for: Anyone with a side hustle who wants to know if it's actually worth their time.
Open calculator →Calculates a target consulting day or hourly rate based on desired income, billable hours, overhead costs, and desired profit margin.
Best for: Consultants and coaches setting project or retainer rates.
Open calculator →| Calculator | Best for | Free | No account needed |
|---|---|---|---|
| Freelance Day Rate Calculator | UK freelancers and contractors setting their rates for the first time or reviewing existing rates | Yes | Yes |
| W2 to 1099 Calculator | US workers switching from employment to contracting, or comparing job offers | Yes | Yes |
| Contractor vs Employee Calculator | UK workers deciding whether to go limited company, umbrella, or stay employed | Yes | Yes |
| Go Full-Time Calculator | Anyone considering quitting their job to run their business full-time | Yes | Yes |
| Side Hustle Profitability Calculator | Anyone with a side hustle who wants to know if it's actually worth their time | Yes | Yes |
| Consulting Rate Calculator | Consultants and coaches setting project or retainer rates | Yes | Yes |
Start with your target annual income, then add employer National Insurance, pension contributions, insurance, accounting fees, and any other business costs. Divide the total by the number of billable days you expect to work (typically 220 days minus holidays, sick days, and gaps between contracts). Most UK freelancers find they need to charge 40-60% more than their equivalent salary to break even.
A W2 employee has taxes withheld by their employer, who also pays half of Social Security and Medicare taxes plus benefits like health insurance and paid leave. A 1099 contractor pays the full 15.3% self-employment tax, buys their own benefits, and receives no paid time off. The same gross pay is worth significantly less on a 1099 than a W2.
A common rule of thumb is to charge 25-40% more as a 1099 contractor than the equivalent W2 hourly rate. This covers the additional 7.65% self-employment tax, health insurance (which can cost $500-$1,500/month), retirement contributions, paid time off, and business expenses. The exact multiplier depends on your benefits package and tax bracket.
It depends on your day rate and how you structure your company. A contractor operating through a limited company can be more tax-efficient because they can take a mix of salary and dividends. However, contractors lose employment rights like redundancy pay, sick pay, and employer pension contributions. Inside IR35, the tax advantage largely disappears.
A reasonable benchmark is when your side hustle consistently earns at least 75% of your current take-home pay for six months or more. You also need an emergency fund covering 3-6 months of personal expenses, since freelance income is irregular. Factor in the cost of losing employer benefits like pension contributions, health insurance, and paid leave before making the jump.
Calculate your true hourly rate by dividing profit (revenue minus all expenses including materials, software, fees, and tax) by total hours worked (including admin, marketing, and customer service). Many side hustles that look profitable on revenue alone pay below minimum wage when you account for all costs and time. If your true hourly rate is below what you could earn elsewhere, the hustle is costing you money.
Boring Math has 100+ free calculators covering UK tax, pensions, property, savings, freelance, and everyday finance. Browse the full list →
We keep all our calculators 100% free by showing non-intrusive ads. Please consider whitelisting us in your ad blocker to support our work!