Deductions & credits

Well a 1099NEC is for self employment income and gets reported on Schedule C.  Then you pay self employment tax on the Net Profit on Schedule C in addition to any regular income tax on it.  So sure you can owe more.

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.