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Normally you don't pay Social Security and medicare taxes on your net rental income. You would report your income on Schedule E for rental income/loss, and only pay income tax on the profit, not Self-Employment tax.
See this link to IRS Publication 527. You would file a Schedule C in certain circumstances, and would pay Self-Employment tax then.
Generally, Schedule C is used when you provide substantial services in conjunction with the property or if the rental is part of a trade or business as a real estate dealer. Simply owning rental properties isn't enough, even if that's your major or only source of income. Read under Schedule C (Form 1040), Profit or Loss From Business.
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