@TomSmith15 Do you also have a W2 job?
1099NEC is self employment income and you HAVE to file it on Schedule C and pay self employment tax on it. The SE tax is to pay both the Social Security and Medicare tax that wasn't taken out like on a W2 job. You can increase your W2 job withholding to cover the 1099NEC self employment tax or send in Quarterly Estimated payments.
You will 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.
Turbo Tax guide to Estimated taxes
A Guide to Paying Quarterly Taxes - TurboTax Tax Tips & Videos
