Comparing Salaried Income to Freelance/Self-Employment Income

[Spivey]

I’m trying to hedge the risk of a potential freelance/start-up opportunity by asking for the equivalent of 6 months of my current salary as an initial retainer. There are some nuances in calculating self employment taxes and I was hoping someone could help me through this calculation.

My current salary is $111,755 + 4% match and I reside in California. I can provide my wife’s income and/or any other information if necessary.

Thanks!

[MDM]

If you want a rough idea, the case study spreadsheet might suffice.

For exact numbers, the "what if?" worksheets of TurboTax, TaxAct, etc. are likely your best bet.