it depends. Please read this IRS document to clarify your question. To claim the foreign income exclusion, you may either enter this income other income or self-employment income and also will be reported on Form 2555.. If you enter as self employment income, this will reduce your income tax but you would still owe self-employment taxes. Also you do not need your Italian employer EIN to report this on a Schedule C.
Also according to this unofficial reference, employees of a foreign company are not subject to FICA taxes while working outside the states, unless you work abroad for a US-based company. I think this provision is germane to your situation.
@2382680
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