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You would need to report the income and any related expenses as business income on Schedule C or Schedule CEZ. The net income on Schedule C would be included as income on Form 1040. It would also be used to compute the self-employment tax on Schedule SE. The tax calculated on
Sch SE would also transfer to Form 1040.
Tags: federal,form
1099-MISC with income, Social Security, and Medicare entries
Check the IRS instructions for Schedules C and SE to be sure of the self-employment status. Some taxpayers are considered self-employed without being aware of this. If you need to calculate Social Security and Medicare taxes, you are most likely considered self-employed.
You would need to report the income and any related expenses as business income on Schedule C or Schedule CEZ. The net income on Schedule C would be included as income on Form 1040. It would also be used to compute the self-employment tax on Schedule SE. The tax calculated on
Sch SE would also transfer to Form 1040.
Important: The IRS instructions for 1099-MISC, page 6, read: "Generally, amounts reportable in box 7 are subject to self-employment tax."
Tags: federal,form