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If you receive non employee compensation and have a box seven entry on form 1099 miscellaneous the IRS requires you to report it as self-employment income on Schedule C or F taxes were not withheld from this miss Jonah's income so your net profit is calculated by subtracting expenses from your income all you have to do is answer a few questions TaxACT will calculate your net profit on Schedule C or Schedule F and transfer the amount to your form 1040 and Schedule se to calculate self-employment tax to get started signing to your tax act online account or start the desktop program click the federal Q&A tab then form 1099 miscellaneous select seven non-employee compensation on the next screen choose Schedule C or F answer simple questions and TaxACT will take care of the rest for you