DaveF1006
Expert Alumni

Get your taxes done using TurboTax

Yes, by filing the 1099-NEC, you are being assessed FICA social security and Medicare taxes for the year on the residual income received. On $10,000 worth of income this extra tax is approximately (10,000)(.153)(.925)=$1415. This tax cannot  be avoided.

 

@akulsh

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