Whether you’re a full-time employee looking to freelance on the side or a full-time freelancer, setting rates is something we all need to do from time to time.

Courtesy of a post on U.S. News & World Report, there are a few guidelines in order to determine what to charge.

1. What were you earning at your last job? In the piece, Lindsay Olsen writes, “Start by thinking about your last salary. Break that down into an hourly rate. You’ll want to charge more than that, most likely, because you probably won’t be freelancing 40 hours a week and you’ll have many other expenses to pay above the simple calculation.” Read more