Because of additional taxes and fewer benefits it has been estimated that a self employed person must earn 20% more than a non self employed person performing the same tasks. If Rik earns $18 an hour working for stairbuilders. How much would Rik need to earn on his own for a comparable income?
18 * 1.2 = ?
To determine how much Rik would need to earn on his own as a self-employed individual to have a comparable income, we'll need to consider the estimated 20% difference in earnings between self-employed and non-self-employed individuals in terms of taxes and benefits.
Let's calculate it step by step:
1. Calculate 20% of Rik's current hourly wage:
20% of $18 = $18 * 0.20 = $3.60
2. Add the calculated 20% to Rik's current hourly wage:
$18 + $3.60 = $21.60
Therefore, Rik would need to earn approximately $21.60 per hour as a self-employed individual in order to have a comparable income taking into account the additional taxes and fewer benefits.