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In the video, Bond, a self-employed spy, shares his experience with filing Form 1040 ES after earning $100,000 in gross income. He explains that income tax operates on a pay-as-you-go system, which applies differently to employees and the self-employed. While employees have federal withholding from their paychecks, self-employed individuals must make quarterly estimated tax payments to the IRS based on their expected tax liability. He emphasizes the importance of including both income and self-employment taxes in these payments to avoid underpayment penalties and reports this information using Form 1040 ES.
