How much is the IRS underpayment penalty? | HowStuffWorks
If you are hit with a penalty, you may also be required to pay interest on the amount you owe. For 2014, the interest rate for each quarter is calculated at 3 percent [source: Intuit]. The IRS seems to understand that, in some situations, guesstimating the amount of taxes you must pay is a tricky business. However, with potential penalties and interest fees, your safest bet is to do your best to assess your tax liability before it's due.
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