Absolutely, since you are getting form 1099-NEC you are considered a self-employed individual, meaning you are your own boss. As self-employed individual you need to pay your federal income on the net income you generate and also, the most important, is the Social Security and Medicare as an employee and as employer, which is the self-employment tax. You would pay 15.3%(12.4% SS & 2.9%Medicare) of your net income (Income - Expenses).
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