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Consulting Salary - Are Your Rates Salary Equivalent?
By Joshua Feinberg
Consulting salaries are very closely related to the hourly billing rates that you charge and the salaried equivalents that you can afford to pay both yourself and others down the road. The consulting salary you expect must be affordable given your hourly billing rates. This consulting salary must also be enough to attract sales and technical staff as your business scales up. If you don't set your rates at an appropriate level then you won't be able to offer competitive salaries to future employees and your business growth will falter.
The Consulting Salary Equivalent of $75 an hour
$75 per hour sounds like an attractive rate. Most people will equate it with a yearly consulting salary close to $150 Wholesale Jerseys ,000. The assumptions are that there is little overhead and people with their own businesses hardly pay any taxes.
Unfortunately, figuring out a consulting salary is not that simple. You need to remember that you'll only be able to bill out about 75% of your week. This takes you from a starting place of a $150k consulting salary to $112k per year. That still doesn't sound bad though, right?
There's still something you're missing here. It's called the Triple Billing Rule.
Triple Billing Rule
Your overall revenue is actually split into three. 13 goes to sales and marketing Cheap NFL Jerseys Shop , 13 goes to taxes, insurance, fringe benefits and other overhead items. The final 13 goes toward a consulting salary. If we take our $75 per hour scenario Cheap NFL Jerseys Wholesale , suddenly we have a maximum consulting salary of $49,500 but we haven't accounted for the other business expenses that come out the final third.
When you look at consulting salaries realistically it is easy to see how setting billing rates is very complex. Your rate has to be high enough to pay yourself or a contractoremployee a decent consulting salary but not so high that it impedes finding clients.
The Bottom Line on Consulting Salaries
Consulting salaries come out of the final third of overall consulting revenue: marketing, sales Cheap NFL Jerseys Online , taxes, insurance, and administration all take precedence. When you start a computer consulting business it is important that you are able to pay yourself a consulting salary that is equivalent to what you would expect to make working for someone else. You may be an employer someday and you want to make sure the consulting salary you offer will be sufficient to attract the talent you are looking for.
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About the Author
Joshua Feinberg, co-founder of Computer Consulting 101, helps computer consulting business owners get more steady Cheap NFL Jerseys From China , high-paying clients. Learn how you can too with free proven computer consulting secrets at
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What is GSTR 3B?
GSTR-3B could be a monthly self-declaration that needs to be filed a registered dealer from July 2019 until March 2020. Points to Note:
You want to file a separate GSTR-3B for every GSTIN you have got
Liabilities of GSTR-3B should be paid by the last date of filing GSTR-3B for that month
GSTR-3B can not be revised
Who ought to file GSTR 3B?
Every person World Health Organization has registered for GST should file the come GSTR-3B as well as nill returns.
However, the subsequent registrants don't got to file GSTR-3B
Input Service Distributors & Composition Dealers
Suppliers of OIDAR
Non-resident assessable person
Late Fee & Penalty
Filing GSTR-3B is necessary even for nill returns. Late Fee for filing GSTR-3B once the maturity is as follows:
Reconciliation of GSTR-1 with GSTR-3B is required to:
Rs. fifty per day of delay
recognize if any invoice is passed over or duplicated
Rs. twenty per day of delay for taxpayers having zilch liabilities for the month
Interest @ eighteen every year is collectable on the number of outstanding tax to be paid.
Late fee for July, August Cheap NFL Jerseys China , and Sep has been waived
GSTR-3B could be a monthly come. All regular taxpayers have to be compelled to file this come until March 2019. you'll be able to file your come on GST Portal.
There area unit some inconveniences whereas filing from GST Portal:
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Here is however you manually file your GSTR-3B exploitation Tally-
Step one – move to entree of Tally > show > Statutory Reports > GST > GSTR-3B.
Step a pair of – This report is within the same format as GSTR-3B within the GST Portal. Take a print out of the report.
Here is however you'll be able to print the report –
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Step 3 – Go to GST Portal and fill in all the details manually. To know how to file GSTR-3B on GST Portal check out our guide.
Step 4 – Submit your return, pay taxes (if any) and file your GSTR-3B.
Here is a step-by-step guide to filing GSTR-3B on GST Portal:
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