Only maybe needs to be done if you expect your net income to decrease vs. last year.
If your net income will be more than last year then just take last year's tax and divide by 4 (add on 10% if your income was more than $150k last year). There will be no penalty, but you may get hit with a big tax bill on 4/15.
Can't go wrong to use this method regardless of whether your income will be more or less than last year.
If your net income will be more than last year, and you don't want to get hit with a big tax bill on 4/15, then estimate your net income for the year, and go to a website that calculates tax, and divide that by 4. Don't forget to add on the 15.3% federal self-employment tax. Repeat for state.