No, but as a contractor you have to pay the full payroll tax (15%) + all the other SS / medicare costs (usually comes to about 2-3%), plus income tax (progressive and varies, but for this bracket is probably federal 15-20%, and up to 10% state). So, add it all up, and it's ~40-45%. Then they have to cover their own health insurance, which again, depends on state, but could be 400-700/mo. So yeah, it's easy to end up with half your money gone with each pay check.