Estimated taxes can get a bit tricky! The short answer is yes, pay estimated taxes. You should, at a minimum, pay the total tax liability you had on the prior year tax returns. This will help reduce or avoid underpayment penalties.
That said, a simple way to estimate how much you might owe on the self-employment part is to start with your net profit. That's the total of all of your gross receipts for your business, minus your business expenses.
Then multiply that number by both the self-employment tax rate of 15.3% and your ordinary income tax rate. You can look at these tables to get an idea of where you might fall (for ordinary income tax rates) in relation to your expected income and filing status (Single vs. Married Filing Jointly, etc.). Finally, add those two numbers together.
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