Hello CapKam!
Thank you for your question. As a self-employed (SE) individual, you are required to file a Form 1040 if your self -employment income is $400 or above.
You are also required to pay the SE taxes when you earn money on your own outside of a W-2 employer.
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the SS and Medicare taxes withheld from the pay of most wage earners. You calculate SE tax by using Schedule SE (Form 1040 or 1040-SR). You can deduct the employer-equivalent portion of your SE tax in figuring out your AGI. Wage earners cannot deduct SE and Medicare taxes.
Please refer to the below article regarding filing Form 1040 if you are self-employed:
https://blog.turbotax.intuit.com/self-employed/do-i-need-to-file-a-1040-if-im-self-employed-33045/
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
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