hose interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you

How many times have you sat in your beige cubicle and thought about leaving your predictable 9-5 life behind? Whether the motivation is boredom, problematic boss or the hassle of commuting to and from work each day, the idea of working for yourself is tempting. However, the main perk of working for a company is the piece of paper that is distributed to employees on paydays. Make no mistake, it is always on time and happens like clockwork. What if you decided to become a freelancer? Pay happens when you complete a project and it might not be as steady and consistent as your office job.

These are just a couple of issues that one must contemplate when making the all important decision to leave corporate life for the freelancing life.

What does it take to become a Freelancer?

If one is serious about becoming a freelancer, a series of steps must be taken in order to prepare for the transition. While you are still employed, begin saving money with a vengence. It's wise to set aside 3-6 months of income aside for those times when jobs are few and far between. It is rare that a freelancer is able to stay consistently busy 12 months a year, every year. Think of it as an insurance policy for those times when you are in between jobs. You'll thank yourself later!

The next step is to consider health insurance. If you are offered COBRA at your job, take it. It's expensive, but invaluable if you need to seek medical care. Eventually, you can acquire your own private insurance or perhaps have a spouse or domestic partner add you to their policy.

What type of Freelancing are you interested in? There are all types of companies that offer long or short term contracting opportunities, especially in the HR and IT fields. This can be a great opportunity to gain experience in different fields while getting a steady check for a specific length of time. Some of these agencies even offer to withhold taxes for the employee, which alleviates the need for the employee to withhold the employer portion of taxes. Some people elect to work as a temporary employee on a full time basis. Some agencies offer basic health insurance for these types of employees and it also allows the employee to work when they want to work.

For those interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you

ent as your office job.

These are just a couple of issues that one must contemplate when making the all important decision to leave corporate life for the freelancing life.

What does it take to become a Freelancer?

If one is serious about becoming a freelancer, a series of steps must be taken in order to prepare for the transition. While you are still employed, begin saving money with a vengence. It's wise to set aside 3-6 months of income aside for those times when jobs are few and far between. It is rare that a freelancer is able to stay consistently busy 12 months a year, every year. Think of it as an insurance policy for those times when you are in between jobs. You'll thank yourself later!

The next step is to consider health insurance. If you are offered COBRA at your job, take it. It's expensive, but invaluable if you need to seek medical care. Eventually, you can acquire your own private insurance or perhaps have a spouse or domestic partner add you to their policy.

What type of Freelancing are you interested in? There are all types of companies that offer long or short term contracting opportunities, especially in the HR and IT fields. This can be a great opportunity to gain experience in different fields while getting a steady check for a specific length of time. Some of these agencies even offer to withhold taxes for the employee, which alleviates the need for the employee to withhold the employer portion of taxes. Some people elect to work as a temporary employee on a full time basis. Some agencies offer basic health insurance for these types of employees and it also allows the employee to work when they want to work.

For those interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you

consistently busy 12 months a year, every year. Think of it as an insurance policy for those times when you are in between jobs. You'll thank yourself later!

The next step is to consider health insurance. If you are offered COBRA at your job, take it. It's expensive, but invaluable if you need to seek medical care. Eventually, you can acquire your own private insurance or perhaps have a spouse or domestic partner add you to their policy.

What type of Freelancing are you interested in? There are all types of companies that offer long or short term contracting opportunities, especially in the HR and IT fields. This can be a great opportunity to gain experience in different fields while getting a steady check for a specific length of time. Some of these agencies even offer to withhold taxes for the employee, which alleviates the need for the employee to withhold the employer portion of taxes. Some people elect to work as a temporary employee on a full time basis. Some agencies offer basic health insurance for these types of employees and it also allows the employee to work when they want to work.

For those interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you

ontracting opportunities, especially in the HR and IT fields. This can be a great opportunity to gain experience in different fields while getting a steady check for a specific length of time. Some of these agencies even offer to withhold taxes for the employee, which alleviates the need for the employee to withhold the employer portion of taxes. Some people elect to work as a temporary employee on a full time basis. Some agencies offer basic health insurance for these types of employees and it also allows the employee to work when they want to work.

For those interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you

hose interested in securing projects on their own, you must be careful to set aside taxes from your income. Federal Income Tax, Social Security Tax, Medicare Tax and in some states, State Income Tax will need to be withheld from your gross earnings. Remember that you will need to set aside both the employee and the employer portion of taxes from earnings. For example, Social Security tax is 6.2% so a total of 12.4% must be withheld for employee (6.2%) + employer (6.2%) portion of taxes. Same is true for Medicare tax (1.45%+1.45% =2.9% total).

Finally, you must have discipline to work on your own. Some will work from home, or perhaps at a coffee shop or another office space. Remember that whatever type of work you decide to do as a freelancer, be consistent when working. Know when it is feasible to take time off and when you must work in order to pay the bills. This type of profession offers alot of freedom and latitude in lifestyle, but it also presents new challenges to those not accustomed to those working in a structured environment.

Whatever your choice, do research and prepare yourself for financial obstacles and the job market. Read "How To" books while still employed and you will reap the benefits of the Freelance Life by being prepared.