socialforums2019
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- Nov 8, 2019
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I was laid off and as I was making my clients aware, one suggested that I start my own company and he would work with me directly.
The engagement would be a 1-year fixed fee + expenses reimbursed engagement. The fees exceed my current salary by 2.5X and seems like a no brainer but before I commit to doing this, I want to "run the numbers".
Can you let me know what I need to consider? From limited research my understanding in how to get my "income" is its going to be
Fees
Less Expenses (technology, website, legal, business insurance, etc.)
Equals Net Income
Less Social Security, Medicare and Federal taxes on the Net Income
What are rough numbers that I should be considering for expenses (e.g. benefits, legal fees, business insurance, etc.)
Anything else I need to be considering?
The engagement would be a 1-year fixed fee + expenses reimbursed engagement. The fees exceed my current salary by 2.5X and seems like a no brainer but before I commit to doing this, I want to "run the numbers".
Can you let me know what I need to consider? From limited research my understanding in how to get my "income" is its going to be
Fees
Less Expenses (technology, website, legal, business insurance, etc.)
Equals Net Income
Less Social Security, Medicare and Federal taxes on the Net Income
What are rough numbers that I should be considering for expenses (e.g. benefits, legal fees, business insurance, etc.)
Anything else I need to be considering?
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