The work that you are responsible for is the same irrespective of whether you are a freelancer or a full-time employee however, the money earned and the lifestyle is quite different for both these professions. The question here is which working arrangement is better — freelance or regular jobs?
- Full-time Employees Earn Steady Income and Benefits: Those who argue in favor of regular jobs been more beneficial say that regular/full-time employees receive regular paychecks and benefits, such as health insurance, 401k matching as well as paid leaves. For regular employees, these details and expenses are taken care of by the company. On the other hand, if you are a freelancer then such things such as health insurance come out of their own pocket instead of the company’s and the freelancers need to take such factors into account when factoring their rates.
- Freelancing Means More Potential Income: As a freelancer, you can work as much or as little as you want. You can even set your own rates and have no income limit. If a freelancer is successful when it comes to finding good clients, the payout is much better than a person who works a full-time regular job. Therefore, if you are interested in earning more money than freelancing is for you however if you are all about regular paychecks then routine work is your thing.
- For freelance workers, taxes are a pain but on a bonus side, they can at least deduct their business expenses: Freelance workers have the potential to earn more and therefore they have to pay more in taxes i.e. they not only have to pay income tax but also self-employment tax. It is a lot harder for freelance workers to estimate and pay their taxes. The regular employees have it easy in terms of tax payouts as those are deducted from the paycheck every month.