Don't forget to pay your taxes (about double what you would pay as a regular employee; your employer pays a portion of that behind the scenes) out of that, plus any health insurance you want to pick up. That $72,000 yearly will vanish pretty quickly.
Made $73,500 last year as a freelance software consultant last year. Sole breadwinner in my house - my wife doesn't work.
Paid my estimated federal and state income taxes through the year, paid federal and state taxes at the end of the year, paid for a decent tier in the healthcare exchange, put away as much for retirement as was prudent, and still had more than enough money to take two months of the year off and pay for a three bedroom, two bathroom house in the suburbs (mortgage, utilities, and insurance all paid).
It's not impossible here, but it is impossible in the Bay Area.
This isn’t true at all. The only extra tax you pay as a contractor is the other 7.65% of the FICA, or $5500 here. You also get a bunch of new deductions you can take, including that $5500 itself.
