dmertz
Level 15

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Yes, your self-employment income is required to be reported on Schedule C and your self-employment tax covering Social Security and Medicare taxes is required to be determined on Schedule SE.  Because your net profit from self employment will be more than $433, your self-employment tax will be $400 or more requiring Schedule SE to be filed.

 

Assuming that you have no business expenses, the $1,400 of net profit will result in $198 of SE tax.  Even if you had a tax liability in 2022 that would eliminate that as a safe harbor, $198 is below the $1,000 current-year tax liability threshold where estimated tax payments would be required to avoid an underpayment penalty.

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