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Do you have a Net Profit or Loss on Schedule C for self employment?
You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). 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.
You might have some credits that could offset the tax.
It depends. The Child Tax Credit is up to $2,200 for 2025. The Credit for Other Dependents is worth up to $500. However, the maximum credit can be reduced if your modified adjusted gross income is above a certain amount. As @VolvoGirl pointed out, you will be subject to self-employment taxes in addition to any income tax applicable based on your net profit.
The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative. A dependent that doesn't meet the age or relationship criteria could still be claimed for the Credit for Other Dependents if they qualify. See this tax tips article for more information.
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