Isn’t the rule of thumb that contractors need to make 50% more hourly than FTEs to break even? Double FICA taxes, no health insurance, no PTO, no bonus, no 401k match, possible downtime between jobs… If the difference is pretty small, I’d go with full-time. (With the caveat that I’ve never worked on contract, so this is from hearsay, not experience)
//A little off topic but...
In my experience, this figure is highly variable to the individual. I have never had a period of unemployment in nearly a decade but others, even in the same field have. For whatever reason, I present myself well, am aggressive enough on contract searches, and am good enough at what I do that downtime doesn't scare me much.
That being said, I USE-TO work 2500+ billable hours a year and consulting was >200k slightly (though my rates were less back then) I can't do that anymore mentally.
$99/hour * 2080 is $205,000 but after 4-6 weeks off it falls to $180-$185k. So if I was going to tell myself "No time off" I would be better off contracting still. Though the Wife and I are traveling more and it isn't realistic like it was for the first 6 years of my career to take 0 weeks off.
All that to say, most people probably need 50% more. I don't think I do, due to my skill-set, and ability to stay employed. I probably only need 20%->30% more, but the stress level is certainly higher.
//Back on topic
I think that my days of wanting to take on extra hours is waning as well after 10 years. It certainly was a different picture with student loans, no house, no nicer car, ect ect.