1099nec and social security

[mcsmith95]

I am single student claiming myself as dependent. I earned $3555 last year and received a 1099NEC with amount in box 1 and no deductions.  Turbo tax says I owe no taxes on this money but do I owe Social Security tax on this amount$ 

[ToddL99]

Yes, unless you deducted business expenses from the 1099-NEC income, you will owe employment taxes (Social Security and Medicare, both employer and employee shares) on that income.

When you have reported the income on Schedule C (Business Income and Expenses interview), the program will generate Schedule SE (Self-employment Tax), and include the amount due on Schedule 2, Line 4 (Form 1040) and on Line 23 of your Form 1040. You will also get a deduction (from gross income) for 1/2 of the total self-employment tax you pay.