As an independent contractor you will enter your self-employment income and expenses on Schedule C. The Schedule C is included with and part of your personal federal tax return, Form 1040. The type of income you receive is not relevant when claiming dependents on a tax return.
You are required to report all self-employment income received if $400 or more. On your Net self-employment income you will owe Self-Employment taxes. SE taxes are 15.3% of your net SE income.
