I think so. The 24,000 Standard Deduction comes off your AGI before the regular income tax is calculated. But you also owe the Self Employment tax on the Net Profit on Schedule C.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit 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 you get social security credit for it when you retire.
