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I wanted to ask the forum for advice on setting an hourly rate for myself as a contract mechanical engineer. I was interviewing for a full-time position, but the company wants to bring me on as a contractor. The position pays up to $130,000 per year. Best estimate, I likely would have come in around the $120,000 range. What would be an appropriate hourly rate to set for myself? Scope of work involves redesign/sourcing (bearings/seals/gearbox) of mechanical components for a startup company. I'd normally think about taking the annualized rate of ~$60.00/h and multiplying it by 1.5 to account for the likely cost of benefits at the company since I won't be receiving them. What does everyone think? This is my first foray into independent contracting. 

Apologies for the lack of thread title. I saved it before realizing I couldn't go back and change the thread title.