Yes, it sounds like you are understanding things correctly. Your income will be considered self-employment income reported on Schedule C and subject to income tax and self-employment tax if above $400 net income.
You are not required to file quarterly estimated taxes simply because you have self-employment income. You mentioned that this is 'additional income'. If you also have a W-2 job, then you can also consider increasing your tax withholding to cover the additional tax imposed on your additional income instead of making estimated payments.
@synthesize27
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