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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.
‎July 25, 2023
8:48 AM
1,279 Views