The document provides guidance on how to calculate an appropriate freelance hourly rate to earn a target annual gross income level between $50,000-$150,000. It explains the steps to determine the number of billable hours in a year after accounting for non-billable time spent on tasks like marketing, and recommends hourly rates needed to reach the income targets based on the number of billable hours. The document also notes important assumptions and considerations like taxes and overhead costs that will impact take-home income.