The income dictionary.

The US tax form that businesses send to non employee freelancers and contractors who earned 600 dollars or more in a year.

An Australian Business Number that identifies a business or sole trader to the Australian Tax Office and clients.

Reading a period of bank transactions to find recurring fees, hidden subscriptions, refundable charges and saving opportunities.

An independent professional engaged for a specific project or period, paid through an invoice rather than payroll.

A structured summary of your education, experience and skills used to apply for jobs, contracts or freelance briefs.

The fixed amount a freelancer or contractor charges for one full working day, usually eight billable hours.

A location-independent worker who uses remote work to live and work from different countries, cities or time zones.

A neutral account that holds payment until both client and freelancer agree the work is complete.

Self employed work delivered to clients project by project, typically billed hourly, by day rate or by deliverable.

An economic model built around short term, on demand work delivered through platforms or contracts instead of long term employment.

Australia's Goods and Services Tax. A 10 percent consumption tax that side hustlers must register for once turnover passes A$75,000.

What you charge per hour of work, before expenses and tax. The simplest pricing model and usually the wrong one for senior freelancers.

The practice of building multiple independent income streams so that losing any one source does not eliminate your total earnings.

A formal payment request sent to a client listing the work completed, the amount owed and the payment deadline.

UK tax legislation that decides whether a contractor is genuinely self employed or an employee in disguise for tax purposes.

The prevailing salary or day rate that a qualified person can command for a given role, skill set and location at a given point in time.

A staged payment released when a defined deliverable is approved, used to share risk between client and freelancer.

A short legal agreement that stops either party sharing confidential information learned during a project.

Earnings that continue with little ongoing work after the initial setup, such as digital products, royalties, dividends or rentals.

When and how often a platform releases earned money to your bank account.

A freelance or consulting service packaged with a fixed scope, fixed price, and defined deliverables - sold like a product off a shelf.

What you actually keep after costs, expressed as a percentage of revenue. The number that matters for a side hustle, not gross income.

A short, public document that lists the services you offer, the deliverables and the price for each, used to anchor freelance conversations.

Paid work performed outside a traditional office, often from home or anywhere with internet access.

A recurring monthly fee that buys ongoing access or a fixed number of deliverables, paid in advance.

A reference point that compares your compensation to peers in similar roles, levels and locations.

The US tax schedule on which sole proprietors and single member LLCs report business income and expenses.

The gradual expansion of a project's requirements beyond the original agreed brief, typically without additional payment.

The process used by HMRC to collect tax on income that is not taxed at source, including most side hustle and freelance earnings.

Any income generating activity you do alongside your main job, contract or studies, usually flexible and skill based.

The distance between the skills you have today and the skills required for a target role, project or rate.

A person who builds and runs a business entirely alone, without employees, combining entrepreneur ambition with a freelancer's flexibility.

A document that defines the deliverables, timeline, acceptance criteria and payment terms for a specific project or engagement.

A structured review of recurring charges on your bank or card statements to cancel what you no longer use.

A UK specific tax free allowance of £1,000 per tax year for casual self employed and side hustle income.

An employer of record that employs contractors on behalf of clients, handling payroll, tax and National Insurance in exchange for a management fee.