I work a full-time job and I did a side project earlier in the year for someone else. I made about $700. I thought I would get a 1099-MISC from them but I didn't. Where do I report this income on the 1040? I also didn't know about the self-employment tax. Is there some form I can file to cover that?
You need to claim the $700 on Schedule-C. However, any expenses related to earning the extra $700 would be deducted on the same form. Don't forget, the expense of using your car! Also, if you had to travel out of town for the job, meals, parking, tolls and lodging would also be expences.
Even if you didn't get a 1099, you need to report the income on Schedule C. You can deduct any expenses related to this income such as mileage, supplies, insurance, etc. The taxable amount will be the $700 minus expenses. The self employment tax will be 15.3 % of the net profit. The income tax will depend on your tax bracket.
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