Need to pay Self-employment tax for summer internship on 1099 contract?
I am an international student on F1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
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