By TurboTax You can use Form 1040-ES to pay income tax, self-employment tax and any other estimated tax you may be liable for. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post. Who pays estimated tax?Not all income is set up so that taxes are deducted at the source. Independent contractors and freelancers, for example, do not have tax deducted from their pay. Earnings from interest, dividends and rent, taxable unemployment compensation, retirement benefits, and the taxable part of yo…