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In this video, James Bond, also known as "007," provides a tutorial on filling out Form 1040-ES for self-employed individuals. He explains that income tax operates as a pay-as-you-go system. Employees typically have federal withholding taken from their paychecks, while self-employed individuals must make quarterly estimated tax payments based on their expected tax liability. Bond advises that these payments should cover both income and self-employment taxes to avoid underpayment penalties. He aims to guide viewers step-by-step through the process of completing Form 1040-ES.