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Let's say the average developer works 45 hours a week at a company and makes $15/hr more than a FT senior dev (with salary calculated at 40 hours). That's $2500 more a year, which sounds bad when you factor in all the FT benefits.

But, the FT senior developer spends a quarter of his/her time in meetings, is expected to be a "team player" in regards to internal politics, and can't do any side projects without running it by the business.

Both sides working 45 figure is kind of a fairy tale too. Having been on both sides, usually either FT or contractors are working all the extra hours. If it's open-ended contracts, then the FT are working many extra, unpaid hours and the contractors get a work/life balance (worth multiple $10k, IMHO). If it's short term contract, the contractors work 50+ hours a week, within the project window, make out like bandits, and go on to the next gig.

It's all preference. Neither side is objectively better.