Wake up, get ready, commute both ways, lunch, happy hours, etc. 50 hours is on the low side.
Work time should generally only be the time between clock-in and clock-out. For professionals that are freed from clock-in-clock-out, I think they would still clump around that 40 hour figure if you made them clock-in-clock-out for the data rather than for the pay.
They also own houses instead of renting flats in SF with roommates.