When you reported your Form 1099-MISC income on Schedule C for your self-employed business, you will also have the opportunity to enter any expenses that you had for your business.
Then, your overall business profit or loss will be included as part of your Form 1040 for Federal taxes. If you had a profit, TurboTax will also calculate whether you need to pay any self-employment (Social Security and Medicare) tax based on the amount of profit that you had. The self-employment tax will be included with your bottom line refund/balance due for your Federal tax return. You do not need to make a separate payment for the self-employment tax if any is owed.
However, if all of your income is self-employment and you do not have another source of income where taxes are being withheld from your paychecks, then you should consider setting up estimated payments for 2020 so that you can pay into the tax system throughout the year.
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