I received $1,000 from my employer in lieu of taking company health coverage. Since this was not for work performed, do I have to report this as income?

Self-employment tax

Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.