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Get your taxes done using TurboTax
@Cindy M If your pay has already been taxed for federal, Social Security and Medicare then you should be getting a W2 not a 1099NEC for yourself. If you get a 1099NEC that is self employment and you file it on Schedule C. Then you can expense what you pay other people as Contact Labor. And 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 if they take taxes out of your pay and you report it on Schedule C you will be paying tax on it again.
‎January 22, 2025
2:00 PM