MarilynG1
Employee Tax Expert

Get your taxes done using TurboTax

Yes, a 1099-NEC always triggers a Schedule C for self-employment.

 

If the same company sends you a 1099-Misc to report Royalty Income, why are they also sending you a 1099-NEC?

 

Here's more info on Form 1099-NEC.

 

Self-Employment Tax is 15.3% for Medicare and Social Security Tax (which goes into your account).

 

On $65, that would be $9.95.

 

Don't forget; you can claim Business Expenses against your Business Income.   You are assessed Self Employment Tax only against your Net Business Income. 

 

Click this link for more info on Reporting Business Income and Expenses

 

 

 

 

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