A 1099 MISC form is how income is reported when you are not an "employee".
Schedule C is the form used to report this income. As you do not have an employer in this scenario, you must pay income tax on your profits. You may deduct any expense you incurred while performing this activity. This net profit is also subject to self-employment tax. This tax is essentially the social security tax for the self employed. When you are an employee, your employer pays half. When there is no employer, the self employed person must pay all of this tax.
