1099/W2: If I'm going to work 1099 as opposed to salary is there a simple calculation to figure hourly rate?

as an independent contractor you set your own rates and hopefully the person you want to perform services for will accept your rate

you as an individual must set a price in your mind how much your time is worth, considering that you also will have to pay your own self employment tax, and that you have to carry your own liability insurance

It's unusual for a self employed person to earn the same amount each week. If you are earning the same amount then just divide how much you are making by the number of hours worked to figure out hourly wage. You might want to go to www.irs.gov and find the publication that explains the difference in an employee and a contractor. If you are being treated as an employee then you should get paid as an employee. Someone who gets a 1099 is considered a contractor. If you get a 1099 you will have to file a Sch. C and a Sch. SE. The SE is 15.3% of 92.35% of your net income on the Sch. C. It can amount to quite a bit so make estimated payments to the IRS to compensate. You can find a worksheet and vouchers online at their website. As a 1099 contractor you need to know the employer doesn't pay unemployment or worker's comp on you and doesn't hold out taxes. You will probably have to get your own worker's comp policy as most states require them.

You might make more money if you are a 1099 contractor but you need to pay more in taxes. You have to pay both halves of social security and medicare (7.45% for each half) plus you need to make your own estimated tax payments every quarter.

if you do that, you will never be able to collect unemployment if you lose your job and you have to pay the employers share of FICA taxes (7.65%), in addition to having to trying to find affordable health insurance on your own - and if you are going to be self employed, very little chance of you getting paid 2080 hrs a yr - you have to spend time looking for new jobs when one ends,etc - you might be lucky to get 1500 billable hrs a year