by 
The Curious Bag
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<h4 class="dechead">On One Hand: Getting Paid by the Project
Depending on your level of experience and portfolio, you may be able to negotiate a flat rate based on the whole project. The Society of Children's Book Writers and Illustrators suggests estimating the projected time needed to do the job, combined with the average pay per hour of your other jobs.
On the Other: Getting Paid by the Hour
Charging an hourly wage can guarantee that you get paid for the work done. The median hourly wage for illustrators can range from $10 per hour up to $50 and more, depending on your experience and the area in which you live. Some clients may be more hesitant with this pay method.
Bottom Line
When entering into an illustrator agreement, be sure to get it all in writing. Agree to when you get paid, how you are credited, and if you are receiving a one-time flat fee, or agreeing to a royalty-share payment. Have contracts looked over by a lawyer and consider membership into professional illustrator organizations like the Society of Children's Writers and Illustrators.
Source:
1099: Charging by the Project or Hour
Resource:
Society of Children's Book Writers and Illustrators
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