First time with 1099NEC. Wondering what % taxes should be owed? Online search says about 16% for self employment tax, but it appears to be costing much more than that.

You pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

The SE tax will be included in your tax due or reduce your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23.  The SE tax is in addition to your regular income tax on the net profit.   

Now your total income is a lot more and your tax is probably in a higher tax bracket. 

The actual amount of self-employment tax is generally 15.3%, with a minor adjustment that lets you deduct half of the amount from your income, but that's just the self-employment tax.  You still have to pay income tax on the income, in addition to the self-employment tax.

But, bear in mind, you can deduct your business expenses when you're self-employed.  Please see the TurboTax Help articles What self-employed expenses can I deduct? and Reporting Self-Employment Business Income and Deductions for guidance on your self-employment income and expenses.

To enter 1099-NEC income and related expenses in TurboTax Online:

1. If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit. 
   • Otherwise, in the left pane, select Wages & Income
2. Scroll down and select the Show more dropdown to the right of Other Common Income
3. Select  Start or Revisit to the right of Form 1099-NEC
4. Answer  Yes to the question, Did you get a 1099-NEC?  Select Continue
5. On the  Do You Want to Enter Your 1099-NECs Now? screen, select Add a 1099-NEC
6. From here, you can input/edit/delete any necessary information