Hello,
I see you have done some research on this as indicated in the post you included.
An independent contractor is still considered self employed in the eyes of the IRS and the income from thatwork must be reported on a schedule C as part of your individual tax return.
As per the other post, you would answer all the questions regarding self employment. You say you do not expect to receive any tax forms . However anyone who pays an independent contractor $600 or more in a tax year is required to give them a 1099_ NEC ( Non Employee Compensation)
https://www.irs.gov/businesses/small-businesses-self-employed/reporting-payments-to-independent-cont...
If you receive this , you would report in in income section for self employment. If you do not recieve one, you would still report the total for cash and check in the income section. Additionally if your self employment is $400 or more it must be reported.
You may be eligible to deduct some business expenses which were incurred to earn this income. Turbotax will suggest possible expenses which may be associated with your business.
The net amount of your contractor income is subject to income tax as well as self employment tax. ( Social security and medicare) which is 15.3%. However you are entitled to a deduction for half of that so effectively it would be 7.65 additional self employment tax on your net ( income less expenses) income.
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center#o...
You are also required to make quartely estimated tax payments from self employment . However as long as you have withheld enough through a W2 to cover 90% of your tax liablility for the year , you may not need to make estimated payments.
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