Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. The Social Security Administration uses the information from Schedule SE to figure your benefits under the social security program.

What form is needed for self-employed?

If you're self-employed, you'll also need to complete Schedule SE (Form 1040), Self-Employment Tax and pay self-employment tax on your net earnings from self-employment of $400 or more. There's no withholding of tax from self-employment income.

What is a 1099 form for self-employed?

A 1099 form is used to report non-employment income, including dividends paid from owning a stock or income that you earned as an independent contractor. There are a variety of 1099 forms since there are many types of income, including interest income, local tax refunds, and retirement account payouts.