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Get your taxes done using TurboTax
Hobby Income is taxed at ordinary income rates - no self-employment taxes are included; the income does not go to Schedule C. @sr3333
In general, income reported on 1099-NEC is self-employment. Self-employment income generates ordinary income taxes + self-employment income taxes (employer and employee portions of SS and Medicare tax). What are self-employment taxes?
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‎April 13, 2024
1:53 PM
4,005 Views