An underpayment penalty is a fine charged by the Internal Revenue Service (IRS) when taxpayers don’t pay enough of their estimated taxes due during the year, don’t have enough withheld from their wages during the year, or pay late. The underpayment is reported and the fine is applied whe...
9 RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook Thesaurus Financial un·der·pay (ŭn′dər-pā′) tr.v.un·der·paid(-pād′),un·der·pay·ing,un·der·pays To pay insufficiently or less than is deserved. ...
What is the total amount I'll have to pay each month of this year for not having paid the tax immediately? The interest rate listed by the IRS seems to be 4% (for 2016) (so roughly 0.3% per month. In addition to paying interest, is there also a penalty?1...
penaltyThe IRS annually collects well over $870 million in estimated tax penalties (Wells, 2006). Therefore, it is imperative that students understand the concepts of estimated taxes and how they are determined. The purpose of this case is to provide accounting/tax undergraduate students with an ...