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In this video tutorial, James Bond, also known as "007," shares his experience as a self-employed spy and explains how to fill out Form 1040-ES for estimated tax payments. He highlights that income tax operates on a pay-as-you-go system, which requires employees to have federal withholdings deducted from their paychecks. However, self-employed individuals must make quarterly estimated tax payments based on their expected tax liability to avoid underpayment penalties. These payments cover both income and self-employment taxes and are reported using Form 1040-ES. The tutorial aims to offer step-by-step instructions for viewers to complete their own form accurately.