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In this tutorial, James Bond, a self-employed spy, shares guidance on filling out Form 1040 ES for estimated tax payments. He explains that income tax operates as a pay-as-you-go system. While employees typically have federal withholding deducted from their paychecks, self-employed individuals must make quarterly estimated tax payments based on their expected tax liability to the IRS to avoid underpayment penalties. These payments should encompass both income and self-employment taxes and are reported using Form 1040 ES. Bond offers a step-by-step walkthrough to assist viewers in completing the form accurately.
