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How do I calculate my 1099-NEC nonemployee compensation?

 
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How do I calculate my 1099-NEC nonemployee compensation?

What do you mean "calculate"?  Did you get a 1099NEC?  That is for self employment income.  To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or any of the Desktop programs. But you will get the most help in the Home & Business version.

 

You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400 in addition to the regular income tax on it.  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.

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