$50K is about $25/hr and probably less since most programmers don't work "only" 40 hrs/wk
Yes, $50K is $25./hour.
Then add 3 weeks' paid time off for vacations/holidays. Then add FICA, health insurance, FUCA, SUCA, and miscellaneous other benefits.
You get $40-$45/hour fairly easily.
Don't misunderstand me: I am not arguing that this is too large a figure; I think it's reasonable (and much of it is legally required.)