For a consultant, creating an hourly rate is stressful yet absolutely necessary. The hourly rate you are able to command depends on your name in your industry and references as well as your ability to pitch work and deliver it on time.
Most consultants do not price their hourly rate based on an equation, but rather on what sounds good. This calculator puts an end to that.
The hourly rate from this calculator takes into account how much you want to make after taxes by finding the amount you need to make before you pay taxes (hence your tax percentage). It then divides that number by the number of hours you want to bill per week and multiplies that by 52 (weeks per year). The number of weeks you want to take off per year is multiplied by the number of hours you want to bill every week, and that number is divided from your total hours to bill each year.
Good luck and happy pricing!