My previous employer has asked me to do some moonlighting to fix a bunch of idiot related problems. I don't particularly trust them. I'd like to put together some sort of contract, X/hour regardless of outcome, minimum y hours per day worked, regardless of actual numbers, etc. Does anyone have any ideas?
MY main employer is OK with the moonlighting idea - I already covered my ethics.
Payment upfront for block hours?
Grtechguy wrote:Payment upfront for block hours?
word.
Old boss says I shouldn't walk in the door for less than $175/hr. Insane?
All depends what you are doing. I did 3rd party IT work for nearly a decade. Most contracts where paid in full upfront ($125-500 per hour).
The long term customers we thought we could trust start to slide fast when we gave them Net30/60 terms
tuna55 wrote:I don't particularly trust them....
Life is too short. You are too busy. Walk away.
tuna55 wrote:Old boss says I shouldn't walk in the door for less than $175/hr. Insane?
For that rate, sympathy due to problems will be tough to find on this board.
If that's the min, I would start at $200/hr. Then, 10 hours of work buys you a new challenge car.
alfadriver wrote:tuna55 wrote:Old boss says I shouldn't walk in the door for less than $175/hr. Insane?
For that rate, sympathy due to problems will be tough to find on this board.
If that's the min, I would start at $200/hr. Then, 10 hours of work buys you a new challenge car.
or 20 hours of work buys you a new Challenger SRT. 
AngryCorvair wrote:I think your math may be off unless new SRTs are going for 4 grand. I am more thinking that it will fund the bodywork on the truck which will, in turn, make Lemons or the Challenge possible again.alfadriver wrote:tuna55 wrote:Old boss says I shouldn't walk in the door for less than $175/hr. Insane?
For that rate, sympathy due to problems will be tough to find on this board.
If that's the min, I would start at $200/hr. Then, 10 hours of work buys you a new challenge car.
or 20 hours of work buys you a new Challenger SRT.
alfadriver wrote:For that rate, sympathy due to problems will be tough to find on this board.
True. I am not worried, though, I am spending enough via other outlets that even 10 hours of work at that rate will only put my short term savings back where it should be really.
pete240z wrote:tuna55 wrote:I don't particularly trust them....
Life is too short. You are too busy. Walk away.
That was my first thought.
^ This!! There is a reason they are a former employer . . . yesno?
But if you still want to go forth and git er done . . . I would make it worth my wild.
Minimum 250/hr paid upfront . . .
Grtechguy wrote:The long term customers we thought we could trust start to slide fast when we gave them Net30/60 terms
QFT!!
An hourly rate in the range of $150/hour is fairly typical for consulting engineering, but it can be anywhere from less than $100 to more than $200 depending on your area and your level of expertise (and for other people who may be wondering, as a rule of thumb the hourly rate charged out to a client is typically around 3x the consultant's actual salary.)
I like to bid out projects on a lump sum basis, but not too many companies go for that these days - more often than not it's done on an hourly basis with a not to exceed maximum.
If your previous employer is in South Carolina, I suspect that coming in at $175 or $200 will scare them off - you'll have to be realistic with whatever prevailing rates are in that part of the country.
Well I did it. I just got my check for $3200, it worked out to be about $157/hr as they wanted it billed per job instead of per hour. I have since quoted, and got a $1500 (no PO yet) and a $125 job (the $125 was completed and invoiced). I just quoted a $6500 job last night. Assuming I get paid for all of these, I think I have to do some taxes. What's the best way to do this?
1: Include it as "extra income" and pay in full
2: Start a business on paper, deduct the gas, the phone bill, the internet, blah blah and hire an accountant to figure everything out (which may not be worth the gain in taxes)
3: Start a business as above to which I add the Lemons team I am now able to rejoin, and deduct those costs from the overall Lemons + consultants business.
Start a vusiness, wrkte off expenses and pay little or no taxes
Get a bookkeeper/ accountant. Set up an LLC. Make it a real company. Enjoy the tax and liability benefits of having done this. They will be substantial. Become one with Quickbooks to keep track of things. Or, hire my wife to do what she does here. No, sorry, you can't really have her, but you get the idea. You are starting to play with real money. Protect it.
cwh wrote:Get a bookkeeper/ accountant. Set up an LLC. Make it a real company. Enjoy the tax and liability benefits of having done this. They will be substantial. Become one with Quickbooks to keep track of things. Or, hire my wife to do what she does here. No, sorry, you can't really have her, but you get the idea. You are starting to play with real money. Protect it.
So what can I count in this business? Lemons? My ongoing truck restoration? My Melon Carving hobby (not really, but you get the point)?
A good accountant will be able to tell you what you can deduct. Mine just says, "Bring me the receipts and I'll figure it out." And he does.
These guys are getting silly. They wanted me to do some new programs, which involved using some cable (the automation place used shifter cable from a bike). They took over a week to source it. They ended up accepting, without debate, a transparent 20% markup on me going to the cycle shop and picking it up. Then, dicking around with their (and my) schedule caused them a $150 emergency fee to have me come in with less than 24 hour notice. The money is good, I need it right now. Their desperation is kind of pathetic.
Enjoy it like a fine bourbon.
tuna55 wrote:Well I did it. I just got my check for $3200, it worked out to be about $157/hr as they wanted it billed per job instead of per hour. I have since quoted, and got a $1500 (no PO yet) and a $125 job (the $125 was completed and invoiced). I just quoted a $6500 job last night. Assuming I get paid for all of these, I think I have to do some taxes. What's the best way to do this?
1: Include it as "extra income" and pay in full
2: Start a business on paper, deduct the gas, the phone bill, the internet, blah blah and hire an accountant to figure everything out (which may not be worth the gain in taxes)
3: Start a business as above to which I add the Lemons team I am now able to rejoin, and deduct those costs from the overall Lemons + consultants business.
if you do #1, you should sock away 35%+ off the top to save for the tax bill. if you already itemize, you can deduct mileage and any other expenses (tax rate right now is $0.55/mile) incurred while working on a job, but it might not be worth it if you do the standard deduction currently, and you might want to do option #2
