No, it is highly recommended to pay quarterly taxes on your self-employed income as there are no tax withholdings on the same. This will help you avoid a surprise tax bill when you file your return. You can also avoid interest or a penalty for paying too little tax during the year.
Taxes are pay-as-you-go. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year.
There are two ways to pay tax:
- increase withholding from your pay- w2
- Making quarterly estimated tax payments during the year.
https://www.irs.gov/payments/pay-as-you-go-so-you-wont-owe-a-guide-to-withholding-estimated-taxes-an...
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
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