⭐️Staffing Firms vs. Freelancers

So what is the culmination of all this partnership among freelancers and digital transformation over the years?

💫It all paid off handsomely, to the point that hiring managers now prefer independent talent rather than those provided by staffing firms for the following reasons:

📌62% – to complete projects faster
📌55% – to reduce costs
📌49% – access to highly skilled quality talent
📌49% – to increase transparency in the process

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⚡️Am I A Freelancer, Sole Trader Or Self Employed?

🎥A common problem for those who take the leap from employment into being their own boss is wondering how to describe themselves. Am I suddenly a CEO of something? The MD? A freelancer? Something else?

🎥They all exist in the same professional realm, so the terms do overlap but there are nuances between them which are important to note for legal and financial reasons.

❗️What does it mean to be self-employed?

💫As the name implies, being self-employed is where you work for yourself rather than as an employee of someone else. Self-employment means you own your own business and are responsible for your own income.

💫Self-employed business owners may also employ staff and be responsible for paying their wages (and relevant employee contributions like National Insurance and pension) too.

💻Read more

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⚡️How Do I Become A Freelance Proofreader?

🎥 There are a whole host of different jobs freelancers can do, from things like accounting or digital marketing to the more unusual roles of expert bed-tester or a professional bridesmaid.

🎥The beauty of freelancing is that whatever your skill, no matter how niche, as long as there’s a gap in the market for it and demand for what you offer, you can carve a career out of it.

❗️What is a freelance proofreader?

💫 If you’re thinking about becoming a freelance proofreader, the first thing is to make sure you understand exactly what the role requires.

💫In the general sense of what a freelancer is, it’s an independent professional who works for themselves rather than being employed by a business. This means a freelancer will usually work for more than one business or client at a time, juggling multiple projects simultaneously.

In the context of proofreading, a freelance proofreader is an expert in the field who works for themselves, offering their services to several clients on either a short-term, long-term or ad hoc basis.

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🍸Growth Of Freelancing

More workers are ditching their 9-5 and job status of working for others in favor of taking up the freelance lifestyle. Though already a very big industry, the following freelance statistics reveal that it will continue to grow in the coming years.

📆 As the number of freelance platforms grows, the number of jobs and workers available to fill those jobs also grows. Similarly, the more freelancers there are, the more platforms are being created to serve them.

➡️ There are 4 million more freelance workers currently than 6 years ago, in 2014.

➡️ Experts estimate that by 2027, the majority of the workforce in the United States will be freelancers.

➡️ In the United Kingdom, the amount of workers freelancing has grown by 14% in the past decade.

➡️ Over half of the freelance working pool says that they wouldn’t return to a traditional job structure.

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👍Most Popular Freelancer Jobs

Freelance jobs are branching out to almost every industry now. No longer is it only the key plays of writers and IT developers, but also industries like customer service and medical jobs becoming part of the freelance economy. 👕

💡 Most of the workers in the art and design industry are freelancers, at 75%.

💡 The field of entertainment also has 55% of its workers in the United States as freelancers.

💡Construction is another field that has a majority pool of its workforce in the freelance category, at 55%.

💡On the freelance platform Upwork, average content writers earn anywhere from $10 to $80 USD per hour.

💡Some copywriters can earn up to $250 USD an hour, though this is rarer.

💡Graphic designers can earn up to $150 USD per hour on Upwork as an average, making design more lucrative than standard content writers.

💡 Software developers and coders also have the potential to earn up to $1,000 USD per hour, revealing that the more specialized the role, the more potential earnings.

💻Source

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💡 Freelancer Platforms Market Share

🍔 The three key players in freelancer platforms, by the number of total users (clients and freelancers), are Fiverr, Upwork and Freelancer.com. Below are key statistics and facts of each of these freelancer platforms.

🍔 Fiverr

⬇️Fiverr has more than 7 million registered users.
⬇️This unique format is where every job costs $5.
⬇️Writers, video creators, marketers, photographers, and web developers make up many of the regular freelancers on the site.

🍔 Upwork

⬇️ Upwork has more than 17 million registered users.
⬇️ This platform was formerly known as oDesk.
⬇️ Upwork’s workers have been individually verified by the admin working for Upwork, making it more reputable in terms of the selection criteria for jobs.

🍔 Freelancer

⬇️ This freelance platform has more than 31 million users.
⬇️ It’s the world’s largest freelance platform.
⬇️ It’s established itself as an outsources market for experts.

💻Source

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🔵 What Is the U.S. Self Employment Tax?

🔗In the United States, the self-employment tax is a tax for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.

This tax covers Social Security benefits and Medicare benefits. It ensures that self-employed individuals contribute to these federal programs like traditional employees.

🔗Paying the self-employment tax is mandatory if net earnings from self-employment exceed $400. This tax consists of two parts:

➡️ 12.4% goes to Social Security
➡️ 2.9%

🔗Higher earners might pay an additional 0.9% in Medicare taxes on income exceeding certain thresholds.

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💡 Who Is Subject to the Self-Employment Tax?

🚀 There are several types of workers that have to pay the self-employment tax.

💫 Freelancers

Freelancers, who function as independent workers taking on projects from various clients, are subject to self-employment tax when their income surpasses the $400 threshold.

💫 Independent Contractors

Independent contractors are similar to freelancers but often work with fewer clients on a more regular basis. Like freelancers, they are responsible for their own Social Security and Medicare taxes, which are covered under self-employment tax. For independent contractors, understanding the distinction between being an employee and a contractor is important.

💫 Gig Workers

Gig workers, participating in the gig economy through platforms like Uber or Airbnb, must also pay the self-employment tax if their income exceeds $400. These workers do not have an employer to withhold or pay Social Security and Medicare taxes on their behalf, making the self-employment tax their responsibility.

💫 Online Sellers

Online sellers, including eCommerce store owners or individuals selling goods on platforms like eBay or Etsy, are subject to the self-employment tax when their net earnings surpass $400. Given the online nature of their business, maintaining detailed sales records and expenses is crucial.

💻Source

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👕 Self-Employment Tax Calculation

The self-employment tax owed by an individual can be calculated with this formula:

➡️ First, determine your net earnings from self-employment, which means gross income minus allowable deductions.

➡️ Then, multiply this net amount by 92.35% to account for an allowed deduction for the portion of self-employment tax paid.

➡️ From this adjusted figure, calculate 15.3% to cover both the Social Security and Medicare charges.

➡️ For earnings exceeding thresholds set by the IRS (see the table below), add the Medicare surtax of 0.9%.

💻Source

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⭐️Example of the Self-Employment Tax

⏪For a clearer understanding, consider a freelancer with $50,000 in net earnings from self-employment in one year, and no allowed deductions. ⏩

Here is how to calculate the self-employment tax:

1️⃣ The initial self-employment tax calculation would involve reducing these earnings by 7.65% (to account for the employer portion of Social Security and Medicare), resulting in an adjusted income of $46,175.

2️⃣ The self-employment tax on $46,175 would be 15.3%, equalling approximately $7,065. This amount includes both the Social Security and Medicare portions and represents the tax obligation due from the freelancer for these federal programs.

3️⃣ In this example, the worker does not exceed any of the threshold amounts set by the IRS, so there is no additional amount for the Medicare surtax.

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