You pay income taxes on the box 1 amount. you pay self-employment taxes on the box 14 amount.
Self-employment taxes (in effect social security and medicare taxes) are in addition to the regular income taxes.
for illustration purposes only!
if you were in the 22% income tax bracket you would pay about $9,000 in income taxes on $41,000 ($44,100 less 1/2 the self-employment taxes of $3,100) and about $6200 in self-employment taxes $44,100 times 92.35% times times 15.3%
look at tax form Schedule SE for the actual computation of your self-employment taxes.
