How do freelancers handle taxes?

SO I've been contemplating doing some freelance work. For those who do this full time, how do you handle income and taxes? For the sake of simplicity, let's say you do 1 $5,000 website each month. Each client pays you upon completion in full via check.

Is there an IRS form you fill out and pay the taxes owed monthly, or do you do this annually when filing? I'd rather pay x% of $5,000 each month than pay x% of $60,000 at once. So please, how do you handle income and taxes while freelancing?

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