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In this tutorial, the speaker, who goes by the name James Bond (00-7), shares guidance on filling out Form 1040-ES for self-employed individuals. He explains that income tax functions as a pay-as-you-go system, where employees have federal withholding deducted from their paychecks. In contrast, self-employed individuals must make quarterly estimated tax payments based on their expected tax liability to avoid underpayment penalties. These payments encompass both income and self-employment taxes and are reported using Form 1040-ES. The tutorial aims to provide step-by-step instructions for completing the form accurately.
