1) You must file both on your form 1040
2) whether you have to pay quarterly estimated taxes depends...IF the net profit for the 1099-MISC income (gross minus allowed business expenses) is relatively small, people can increase their W-2 tax withholding at their W-2 employer to cover the eventual taxes on the Self-Employment income. The SE profit will be taxed at ~15% for SS and medicare taxes PLUS regular income taxes on that same profit. So a lot depends on your situation.
Sometimes, a person can delay paying quarterly that the first year, and just wait until they file before 15 April to pay it all.....but they will still have to pay those taxes. BUT...Whether a penalty is actually applied for underpaying during the year really does depend on your exact situation. Paying quarterly tax "estimates" is safer...or increasing your W-2 withholding could do it (though with only 2 months left, you might only get one month of extra withholding..so that might not work...perhaps too late for this year)
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
