You paid less than 90% of what you owed so you would be subject to an underpayment penalty. The penalty would be the federal short-term rate at the time plus three percentage points. That would add up to about 8%, or $240, as of mid-2024. Special Considerations You may qualify for ...
rate for time worked that given pay period, then the employer’s deduction could potentially be in violation of WI and/or Federal minimum wage laws. These minimum wage laws provide their own potential legal relief and potential recovery of various money, including statutory penalty money and ...
IRS underpayment penalty rate The underpayment penalty is calculated by multiplying how much tax you owed for each quarter by the interest rate for that quarter. This quarter (April through June), the underpayment penalty interest rate is 7%, which remains the same as last quarter. Quarter R...