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Probably goes without saying, but with contract work (presumably 1099), you will have to pay your side of income tax and also the employer side - so you would need to budget that in with pay. You will essentially be paying 2x the state/federal income tax and FICA tax (SS and Medicare).
It is not particularly hard to do if you are relatively budget friendly and organized, but worth acknowledging and you may want to hire an accountant, if you don't already use one. You can also write things off within reason and where applicable - like mileage, laptops, cell phones, car expenses, trainings or continuing education, etc.
You could also form an LLC and operate through it and set up your own 401K (with higher individual limits, since you can contribute from both the employee and employer side).
Also, hugely important is healthcare insurance. When you are doing contract work as a 1099, you are almost always on your own for health insurance and it can be quite a significant expense because you are again paying the employee and employer side.
All of this is to say that, if you are currently in a W2 job with benefits like health insurance, retirement, and vacation time and they are offering you a similar amount to what you are making now, you will be taking home less money as a contractor unless you supplement it with other jobs. And, if this company expects 40 hours, aka full-time, out of you, they are likely just offering contract work so they don't have to deal with all of the payroll, overhead, and benefits of having employees while treating you like an employee.
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