That would be correct. The income received on Form 1099-MISC with an amount shown in box 7 is for self-employment income. Self employment taxes are assessed on the net profit from the self-employment.
SE taxes are for Social Security and Medicare taxes, both employer and employee share. The SE taxes are based on 92.35% of the net profit and taxed at 15.3%
Since the income was less than $12,000 there would no be any Federal Income Taxes owed.
