Working on contract/retainer: Questions!

Jefe · 05-19-2008, 06:23 PM

Hey all,

My fulltime IT position is basically running out of fulltime work due to lack of money, interest and "will" by the higher ups to get projects rolling.

I was offered work in other areas, but I'm not interested in what was offered and have more desire to stay employed in the IT field.

The job is at a small Bible college with 40 staff and 200 students, and I don't feel right just quitting, so I the business manager and I have cooked up the idea that I'll work on contract/retainer for major IT projects and help train up a replacement who will split time with IT and other Business office duties. If the need arises in the future, I can come back full time.

I thought it was a great plan! Until...I was asked to basically work up the entire proposal.

Yeah...I've got no clue. I've never actually worked contract before and haveI have no clue what to charge or what to put into that. I'm thinking a monthly fee of like half of what I make per month now.

So, maybe some of you who work on contract or retainer can chime in!

The great thing is, I have a couple of prospective employers who are cool with the idea. (And one I worked at before with some awesome friends of mine!)

ih8cornnuts · 05-19-2008, 06:27 PM

I do freelance Industrial Design work so I have a little experience about writing contracts etc.

When it comes to money make sure you charge enough to cover taxes, social security etc. 1/2 your current paycheck wont cover it. Typically you can double your fees as a contractor. That doesnt mean you raking in the cash it covers your come tax time. Normally an employer pays some of your taxes but as a contractor its your job to cover for those expenses.

Jefe · 05-19-2008, 06:30 PM

I would be working full time elsewhere in addition to working on contract/retainer, that's where the figure of half came from. And being a non-profit entity, that half salary is really not that much...

But then again neither was my fulltime salary...

05-19-2008, 06:23 PM	#1 (permalink)
Jefe MCB Member Join Date: Aug 2006 Location: Boise, Idaho Posts: 329	Working on contract/retainer: Questions! Hey all, My fulltime IT position is basically running out of fulltime work due to lack of money, interest and "will" by the higher ups to get projects rolling. I was offered work in other areas, but I'm not interested in what was offered and have more desire to stay employed in the IT field. The job is at a small Bible college with 40 staff and 200 students, and I don't feel right just quitting, so I the business manager and I have cooked up the idea that I'll work on contract/retainer for major IT projects and help train up a replacement who will split time with IT and other Business office duties. If the need arises in the future, I can come back full time. I thought it was a great plan! Until...I was asked to basically work up the entire proposal. Yeah...I've got no clue. I've never actually worked contract before and haveI have no clue what to charge or what to put into that. I'm thinking a monthly fee of like half of what I make per month now. So, maybe some of you who work on contract or retainer can chime in! The great thing is, I have a couple of prospective employers who are cool with the idea. (And one I worked at before with some awesome friends of mine!) __________________ -- Sayonara, not to be confused with cyanide, which is, of course, goodbye in any language.

05-19-2008, 06:27 PM	#2 (permalink)
ih8cornnuts MCB Member Join Date: Sep 2006 Location: Hot Town Rules Shake it Up! Posts: 405	I do freelance Industrial Design work so I have a little experience about writing contracts etc. When it comes to money make sure you charge enough to cover taxes, social security etc. 1/2 your current paycheck wont cover it. Typically you can double your fees as a contractor. That doesnt mean you raking in the cash it covers your come tax time. Normally an employer pays some of your taxes but as a contractor its your job to cover for those expenses. __________________ steak sauce baby! MCB Feedback- http://www.mcarterbrown.com/forums/f...ck-thread.html

05-19-2008, 06:30 PM	#3 (permalink)
Jefe MCB Member Join Date: Aug 2006 Location: Boise, Idaho Posts: 329	I would be working full time elsewhere in addition to working on contract/retainer, that's where the figure of half came from. And being a non-profit entity, that half salary is really not that much... But then again neither was my fulltime salary... __________________ -- Sayonara, not to be confused with cyanide, which is, of course, goodbye in any language.