Hi DW1960!
Yes, taxes are a pay-as-you-go system, and you can incur penalties if there are any quarters of the year in which the tax is underpaid, so it's best to have tax withheld at the time you receive the income. Whenever that's not possible, you'd want to send in an estimated tax payment during the quarter in which you received the income. Here's more information on how to do that (with printable vouchers on page 11):
IRS Estimated payments.
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