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In response to
"This is what I'm working through right now. Haven't reached out to an accountant yet, though. "
by
Beryllium
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Definitely talk to an accountant. Also, if you're working full-time as a contractor for one client ...
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You can significantly reduce your hourly rate.
From an employer's perspective, the rule of thumb for the cost of an employee in the U.S. is about 130% to 150% of salary for an established company. That extra 30% to 50% covers direct costs, such as ...
-- all payroll taxes
-- workers comp insurance
-- unemployment taxes
-- all benefits (health insurance, contribution to retirement, etc.)
Plus indirect costs, like administrative overhead and consumables (office supplies, added utilities, etc.).
I'm not sure what the added percentage would be in Canada, but a good small business accountant would know off the top of her head.
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