In more detail
Aiming for $60,000 plus $6,000 of expenses with a 25% tax reserve means billing $88,000; over 1,200 billable hours that is $73.33 an hour. Billable hours are far fewer than working hours.
Glossary
Finance
Freelance hourly rate
A freelance hourly rate is the price per billable hour needed to cover your target income, expenses, taxes and unpaid time.
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See also
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Glossary
Self-employment tax
Self-employment tax is the US Social Security and Medicare tax paid by people who work for themselves.
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Glossary
Net pay
Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.