Yes, Self Employment Taxes are assessed on Self Employment Income, but you receive credit for half the tax amount on your return. The advantage of reporting the income as Self Employment Income is that Expenses can be claimed against it (mileage, equipment, health insurance premiums, for example).
You could figure your return using both methods to see which is more advantageous for you.
Here's more detailed info on Self Employment Taxes.
@Coacheswife
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