Get your taxes done using TurboTax

How did you report the 2021 income?   Or did you leave it off your return?  Yes you need to report it on Schedule C as self employment income.

 

You pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.