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In this tutorial, self-employed spy James Bond (007) shares his experience filing Form 1040-ES after earning $100,000 last year. He explains the importance of estimated tax payments in the pay-as-you-go income tax system, contrasting it with how employees pay federal withholding through regular paychecks. Bond highlights that self-employed individuals need to make quarterly estimated tax payments based on their expected tax liability to avoid underpayment penalties. He emphasizes that these payments should cover both income and self-employment taxes and are reported using Form 1040-ES. The video aims to guide viewers step-by-step in filling out their own forms.
