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Get your taxes done using TurboTax
No, I did not have any expenses against the the 1099Misc income. The payer is going to reimburse me, but I'm not sure if that reimbursement should be the SE Tax amount or the "Deduction for one-half of self-employment tax" (aka "Amount 2" below).
Here's the kind of calculations I did earlier:
Section A—Short Schedule SE
(1099misc income) x 92.35% = "AMOUNT 1"
Self-employment tax
(AMOUNT 1 from above) x 15.3% = SE Tax
Deduction for one-half of self-employment tax
(SE Tax) x 50% = "AMOUNT 2"
July 23, 2020
11:24 AM