$********$

Scenario $5$: Form $1099$ Confusion

David is a freelance writer who received the following income:

$1099-$NEC from clients totaling $$25,000$

$1099-$K from a payment processing platform for some smaller gigs totaling $$800.$

A $1099-$MISC for $$500$ for a one$-$time speaking engagement

Business expenses: $$3,000$

Wages $($from a part$-$time job$)$: $$12,000$

Interest income: $$400$

Itemized Deductions: $$10,000$

Calculate

Taxable self$-$employment income

AGI, Taxable Income, and Total Tax Liability

Potential self$-$employment tax