Seeking Guidance on W2 Contract Employment Opportunity (US)
I'm 53 and have been offered a position by a recruiter for a contract job. I've worked my entire career as a W2 FTE, and don't want to negotiate this with any huge blindspots.
I currently make $80/hour. I've initially asked for $120/hour to cover my own medical insurance, loss of PTO, and 401k match (4%). That number didn't scare them off, and we're going to have another conversation/interview next week. My rate ask was based on a quick google-fu that indicated the employer would cover all taxes. The contract is stated as "long term 1 year" with the opportunity to convert to full time employment, but no guarantees of course. It would be full time remote, matching my current position, but in a different timezone (-1 or -2 hours, depending on the time of year).
I'm a little nervous to take the plunge into contract work and leave the safety blanket of FTE-land. Risk of being unemployed & searching for a new job at the end of the year aside, what else should I be factoring into the pay rate side of my decision that I'm not already? I assume I would want a strong payoff clause for terminating the contract early? Should I be asking for more? Anything else?