Clarification about Taxes

So I read through the #RealTalk about Perk Taxes and #RealTalk about Perk Taxes 2 guides written by /u/InternetUser007 to refresh my memory about how filing taxes works, but I'm still a bit confused.

Side note: If you haven't checked out the guides and need help understanding how taxes are supposed to work with perk, highly recommend reading the guides.

From what I understand so far, I need to take the income amount on my 1099-MISC and file it on Line #21 of my 1040. Where do state taxes and federal taxes come into play? I've seen people discussing it lately, but I don't know how to make sense of it in regards to filing out my taxes.

I'm also slightly confused on how filing taxes works when you're claimed as a dependent. For further context, I'm a full-time grad school student who relies on my parents for financial aid and I also live in their home when I'm away from the school and not involved in an internship. Assuming that they have claimed me as a dependent, does that mean I don't need to file taxes at all if my total Perk earnings are less than $1050? (My 1099-MISC quotes that I earned $975).