It is perfectly ok to take additional withholding from a w-2 job to cover the expected increase in income from other sources that would usually require estimated tax payments. By having the employer take additional withholding out of your check and submitting it for you, you would not have to file and pay any estimated payments.
You can use the TurboTax's Tax Caster tax calculator to help make sure the additional amount will be enough or if you should adjust the additional amount of withholding being taken out of your paycheck.
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