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I know that if you exercise options and sell them the same day, it counts as ordinary income for tax purposes.

Are you talking about options related to your employment, such as ISOs?

If so, its not only ordinary income, it's also wages. Your employer will withhold income tax, social security tax and medicare tax as part of the exercise and sale. You won't need to worry about estimated tax payments.

Instead, you'll need to worry about making sure an appropriate amount of income tax is withheld. ;-)

And don't forget this is really two transactions - both the acquisition and sale of the stock. You'll have to report the sale on your tax return next year. So watch for a 1099B and make sure you know what to report as the cost of the stock. Your HR department will probably give you everything you need to figure out the correct cost. (Hint - it's probably the sale price before paying any sale commission and fees.)

--Peter
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