If you are a corporation (this generally includes C corps, S corps and LLCs) then you are required by law to pay yourself a "reasonable" salary (read W2 or 1099 wages). Beyond that you can pay yourself through distributions (or draws).
Of course there is no definition of what "reasonable" is from the IRS, so I've seen a lot of people who run technology companies paying themselves $30K per year and taking more than $100K in distributions. It cuts down on their FICA fees quite a bit, but it is more daring than I am willing to be.
Either way, you still have to pay estimated taxes for the quarter in which the money was earned.
You really want to talk to an accounting professional to get an idea of what "reasonable" is for you industry/locale and you want to make sure that all of your estimated payments are properly filed.
Out of curiosity, are you an S Corp, LLC or sole proprietor?
pansophic