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Yes, you can be a freelancer and make a livable wage

Thursday 9 March 2017, 9:57AM

By One Partner Limited

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As reported on CNBC - March 7th, 2017. http://www.cnbc.com/2017/03/07/yes-you-can-be-a-freelancer-and-make-a-livable-wage.html

If you want to be your own boss and earn a successful living, go be a freelance software developer.

Those were the findings from a recent report by CareerCast. The job search website analyzed job data for the "gig"economy, including wages and projected growth, from the U.S. Bureau of Labor Statistics.

About a third of American workers are earning pay outside of a traditional employer relationship, according to the BLS. That adds up to roughly 53 million people.

Of course, not all freelance posts lead to a windfall for entrepreneurs. You might be in luck if you come from an information technology background. CareerCast has ranked the 10 best gigs for this year.

What to expect:

Tech-based gigs are in high demand from a range of potential clients.

"If you're a software or web developer, some work might come from the finance sector and other work might come from education," said Kyle Kensing, online content editor at CareerCast.

Indeed, developers command higher pay compared to other contract workers.

Expect a steep learning curve once you snag the gig, too. "With a 9-to-5, you can learn on the job," said Kensing.

"But at a place that hires on a contract basis," he said, "there's an understanding that you're an expert and can do the job quickly and efficiently."

Before you punch out:

If you're planning on stepping out of your regular 9-to-5 grind, prepare to do a considerable amount of recordkeeping.

Once you leave your employer, you'll be responsible for tracking your expenses and income to ensure your tax planning goes smoothly.

The burden of paying self-employment taxes — the levies that go toward Social Security and Medicare — will fall on your shoulders alone.

In addition, you're also responsible for paying federal and state income taxes every quarter. Failure to pay those could lead to penalties.

Read the full article here: http://www.cnbc.com/2017/03/07/yes-you-can-be-a-freelancer-and-make-a-livable-wage.html

Shared here as personal finance related news by One Partner Limited.