I am new to the IT contracting field of employment and I am currently looking for a new role as a Software Developer or Software Development Engineer in Test in the Seattle WA area.
I Googled this and have found various "formulas" for calculating what you should be getting paid as a contract employee (W2) vs as a Salaried employee. Many of these seem very high or very low.
From my research on the readily available salary information (Glassdoor etc.) of salaries in the area for persons with my level of experience it comes to around 80-105k. What would be a realistic hourly wage rate equivalent for a contractor?
I have read that you are supposed to get paid from %20 to %50 more as a W2 contract employee but I have not have not seen recruiters come near those hourly rates.
When I talk to the various recruiters I often get the feeling that they are acting like a pushy used car salesman and are trying to get me to agree to a lower rate than I should be probably be getting. The hourly rates that I am often quoted are often around the equivalent of this SALARIED FTE PAY ($40-$50 hr)!
Is the contract employee field really that scammy? From what I understand these recruiting companies are paid on average 200% of market rate!
If the above is the norm why would anyone want to be a contract employee?
Right now FTE is looking like to way to go. I will get the same amount of money plus all the typical benefits...