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question.jpgIn Federal Income Tax

I received a Form 1099-MISC. Do I have to pay taxes on the income?

Yes. If you received a Form 1099-MISC, it means that you were treated as an independent contractor and you received “self-employment income,” which should be reported on Schedule C of your Form 1040, under Profit or Loss from Business. You will also need to pay Medicare and Social Security tax on Form 1099-MISC income, which you report on Schedule SE of your 1040.