Ardiff's Law: What's my daily rate - IT Contractors

I realised recently when asked this question by a friend that there’s no obvious formula out there, so I found one.

It’s called Ardiff’s Law and it breaks down like this.

Basic Salary, add 43.5% divide that by 230 and you get your daily rate.

Here’s the logic behind it.

If a basic salary was 60000 I'd divide that by 230 working days in the year that's 260 of a daily rate, then I'd add on 25% to cover the contractor for PRSI, holiday pay etc (that's 10.75% and 12% for PRSI and Working Time Regulations, or holiday pay respectively) which brings us to 325 per day, then add on an extra 15% for the sheer inconvenience of it all:) bringing the daily rate to:
€374 per day.

When that's reversed engineered you could be told that that's equivalent to a salary of €86,020 per annum!
Therefore, the shortcut is to add 43% to your current salary or required.

Therefore, if you're on
100,000
+43.5% =
143,500
/230 =
€624 per day