Do I pay self employment taxes on a 1099 misc. for bank director income?

It depends. The income for your services in most cases is taxable as self employment if you independently do work for an organization.  You can decide if this is a business or a hobby as explained below.  Once you decide, you can use the instructions based on your decision.

This IRS link will help you: Business or Hobby?

Key elements:

1. A hobby requires you to report the income you received and under the current tax law, Tax Cuts and Jobs Act (TCJA), no expenses are allowed to be used to reduce the money collected even if you itemize deductions.
2. A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business.

Once you decide what type of income this is you can use the links below to see how to report.

• How do I report hobby income?
• Where do I enter Schedule C