Do I have to pay self-employment tax on 83(b) election in an LLC?

I joined a startup (an LLC) in 2017, and was granted shares that vest over a period of time.  The total value of those shares as reported by the company was around $25,000 (the numbers below are simplified for illustration).  I filed an 83(b) election within the required timeframe.

In January, I received a K1 that had box 4 as $25,000 (guaranteed payments), a bit of a loss, and box 14 of 24,000 in "self-employment earnings (loss)"

I understand that this is treated as ordinary income, but TurboTax is also flowing it into Schedule SE, where I'm also being asked to pay north of $3,000 in self-employment tax.

Is this right? I am paying both income and self-employment tax for an election?  In a different type of corporate structure, if there were an 83(b) election made, wouldn't I just pay income tax on the $24,000?

If it is accurate, can I then deduct expenses like home office (it's legit) and against this supposed self-employment income?