When I filled out 1099 form (self-employed ) for first time on tax turbo, do I still need to pay tax separately or does tax turbo do all the work for me?

[AnnetteB6]

When you reported your Form 1099-MISC income on Schedule C for your self-employed business, you will also have the opportunity to enter any expenses that you had for your business.  

Then, your overall business profit or loss will be included as part of your Form 1040 for Federal taxes.  If you had a profit, TurboTax will also calculate whether you need to pay any self-employment (Social Security and Medicare) tax based on the amount of profit that you had.  The self-employment tax will be included with your bottom line refund/balance due for your Federal tax return.  You do not need to make a separate payment for the self-employment tax if any is owed.  

However, if all of your income is self-employment and you do not have another source of income where taxes are being withheld from your paychecks, then you should consider setting up estimated payments for 2020 so that you can pay into the tax system throughout the year.  

[brentrich84]

Thank you so much for getting back to me. I have full time job plus side job (Self employed), I was looking at my tax return and I do see that I have zero net profit because I only made $640 from last year. So does that mean I did not pay for social security and medicare because my income for side job was too low? How do i gain net profit if you don't mind me asking. I'm new to 1099-Misc so I'm trying to get much information as I can. Thank you! 🙂 

[DeanM15]

If your self-employment earnings are less than $400 (well, technically times your earnings by .9235), then you will not owe or pay self-employment tax. Self-employment tax is Social Security and Medicare tax for the self-employed. 

You can gain profit by increasing your revenue, reducing your expenses or both.