10k @ 40 hrs per week is $62.50 an hour - if this is a short term contract it's not that good. Even as a longer term contract it isn't that great. If it's W9 it's even worse. If it's 1099 it's a little better, but still not going to get you top talent. My pulse on the current market for rails developer's isn't that current, but I'm guessing you'll need to get closer to $100 to $120 per hour to find talent at the higher end of the spectrum.