How much is the penalty for underpayment of income taxes?

Answer United States law requires corporations, citizens and resident aliens to pay taxes depending on their level of income. The Internal Revenue Service (IRS) will penalize you for nonpayment or underpa... Read More »

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Penalty for Underpayment of Estimated Taxes?

A taxpayer, or the taxpayer's employer, must send in tax payments throughout the year, and the taxpayer calculates the actual tax liability the next year. The taxpayer has to estimate the amount of... Read More »

Statute of Limitations for Non-Filing or Underpayment of Taxes?

For any year you underpay your federal income tax or fail to file a tax return, the IRS can levy an array of penalty and interest charges as well as some pretty severe collection procedures. Also, ... Read More »

How Much Colorado State Income Tax Can I Owe Without a Penalty?

If you owe Colorado state income tax but can't afford to pay your entire tax liability when you file, you might wonder exactly how much the state requires you to pay to avoid a late payment penalty... Read More »

How much income is needed to not pay taxes?

If you live in the United States and make over $400 as a self-employed worker, you must pay tax on your income. Social Security and Medicare taxes will consume 15.3 percent of your income. If you w... Read More »