Query: Contract position wages

Hello all,

I have a question regarding what salary to expect for a contract
position. This would be a long term (1 year) contract position. Of
course without all the benefits (health, vacation, profit sharing,
stock options etc..).
Note: I am currently not in a position to bargain, i.e. don't have a
job in hand.
Using 100 as the normal salary for a full time employee for this
position, any suggestions how much would be a good figure to ask for.
Also would it be of any benefit to be salaried by the hour, rather
than accepting an annual pay package (which I am assuming means no pay
or time-in-lieu for excessive hours)

Thanks,
Jaspal