Yes, unless you deducted business expenses from the 1099-NEC income, you will owe employment taxes (Social Security and Medicare, both employer and employee shares) on that income.
When you have reported the income on Schedule C (Business Income and Expenses interview), the program will generate Schedule SE (Self-employment Tax), and include the amount due on Schedule 2, Line 4 (Form 1040) and on Line 23 of your Form 1040. You will also get a deduction (from gross income) for 1/2 of the total self-employment tax you pay.
