It’s better not to ballpark it. Add up your weekly overhead costs and divide that cost between the number of hours you work per week on average. Add that amount to the job cost, based on the estimated number of hours you think the project’s going to take.
Their formula, roughly, is three pronged: Project your annual overhead and annual labor hours. Divide the overhead cost by the labor hours. Add the quotient, your hourly overhead recovery rate, to the hourly labor rate you charge the client.
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This number should be based on things like the going rate in your area, how much money you want to earn per hour, and how much you’re paying your employees. If you’re just starting off, look at the work and estimate the time it will take you to complete the job. Then consider how much you want to make per hour.