W2 vs 1099?

I am a proffessional who is looking to go and start contracting on an independent basis. I was employed until now and was payed a fixed salary annually. My question is abt 1099 vs W2. Though i understand the basic diffefrence between them how do i compare a job paying me $50/hr on a W2 vs a job paying $50/hr on a 1099. Keeping other considerations aside such as contribution to 401(k), employee/contractor status, medical/dental insurance etc. , which of the 2 is a a more lucrative contract to take up. PS: Can anybody point me to a website/blog/url that can help me in understanding the market rates for a project manager in the it field.
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Keep in mind - as a contracter who is receiving a 1099, that 50/hr is much less. One of the biggest reasons is that you have to cover your entire Social Security and Medicare taxes. Normally as an employee receiving a W2, you and your employer split the cost of those taxes down the middle with each paying 6.2 % for Social Security and 1.45 for Medicare. Now that you are self-employed contracter you must pay the whole thing - 12.4 and 2.9 respectively. Also you must foot the bill for your own medical insurance, etc... often times employees are unaware that their employer subsizes up to 90 percent of these costs as well.
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