Maker of Your Rate here.
The reason I created Your Rate is a lot of people have trouble setting their rates. Basing their rate on the average industry rate in their country, cost-basis, or their last made salary.
I don't expect people to fill in this simple calculator and run with that rate without further thinking. It's a starting point for some to re-think their rates/business.
This simple three line form achieves this effectively and has been quite popular since I made it 1,5 years ago. I hope it has led to people re-think their rates and setting better ones.
I agree setting day or week rates are better than hourly rates. Project rates work for projects with big outcomes. I left these considerations and different approaches out of the calculator to maintain it's "simplicity".
Normally I try not to hate on projects like this, especially as it was probably just a weekend thing made for fun, but this one is just complete BS. It has nothing to do with experience, just what money you'd like to make. Surely anyone with basic maths skills is able to multiply three numbers together...
I wanna make $10,000,000 a year and take 40 weeks of vacation but, shockingly, that doesn't make my work worth $90,000 per hour.
You don't need an online calculator to measure your rate. Instead, take a look at the quality of your work, your experience and what you can bring the client. It's not very hard.
I don't know, I think this negative feedback is a little hasty... Yeah, it's basic; yeah, there are probably better ways to work out a rate and yeah, it's just a simple calculation of three numbers. However, I have met young(er) less experienced designers than I who are just starting out who are severely undercharging and - believe it or not - are unable to recognise or do the simple math involved in this equation. It at least gives them a starting point they can tweak and adjust.
When I started out, this method was my way of calculating my rate. Self taught, without a mentor and with very little professional experience, it appealed to my basic needs - what did I need to earn to pay my rent, pay my bills and buy my food? Years on, I've become more educated about pricing, have learnt from others and have gradually started incorporating other considerations into my rate.
This might not incorporate experience or value and there may be ulterior motives at play but at least it might help the few who don't have as much know-how as the rest of us.
I agree with Thomas. Calculate days not hours. Also I doubt whether the calculator above is helpful, For the values i entered, i got an hourly rate that is way less.
Don't calculate hours, calculate days and assume you are going to be productive 5 hours a day maximum.
I built something like this a while back except mine had an autofill field where you either typed in or chose from a certain profession (ie. PHP Developer, UI Designer, etc...) along with about 5 other fields and when it actually calculated your hourly, it would display an average from all the previous calculations that were stored in the DB. Still doesn't take into account all the other things people mentioned here but it was just a side project.