The hourly billing invoice is used when accepting payment for a service on a per hour basis. Companies that charge customers for their services by the hour use this invoice to show a calculation of all hours worked and to request payment at the end of a billing cycle.
Hourly Billing Rates
Two of the most common professions that are paid by the hour are Certified Public Accountants (CPAs) and attornies. Both offer expensive services, so to limit costs, most customers prefer to pay on an hourly basis.
A certified public accountant is someone who helps others with financial goals and calculating their taxes. Filing taxes is a huge responsibility and can bring stiff penalties—even jail time—when filings are incorrect. As such, a CPA is essential when it comes to tax time. However, since filing only happens once per year for most people, a CPA is normally hired on a per-hour basis.
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Depending on the type of attorney a client needs, expenses can rack up quickly. Attorneys typically charge a retainer fee, which is a deposit to ensure payments can be made. If not charging per hour, attornies will take a case and work on contingency (when an attorney takes a percentage of the money awarded to their client after winning a case). But for small incidents and advising, it’s highly common for attorneys to charge hourly.
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Hourly Pay Calculator
An hourly pay calculator can be handy when needing to calculate the hourly pay of a set salary. For example, it’s useful when wanting to find out the hourly pay of someone making $50,000 per year working 40 hours per week, which would equate to $24.04. The following calculators are helpful for business owners that need to factor in state taxes when calculating an employee’s paycheck.