Freighter travel may seem to have much less going on than a regular cruise ship because there are no planned activities, but there is plenty of time to read, get some sun, and take some time for yourself in the great outdoors!
Interest accrues on the unpaid balance and compounds daily from the due date of the return (without regard to any extension of time to file) until you pay the balance in full. The interest rate is the federal short-term rate plus 3%. The federal short-term rate is determined every three months. For the current quarterly interest rate on underpayments, search interest rates in the News Release and Fact Sheet Archive or quarter interest rates on IRS.gov. Failure to pay penalty is charged for failing to pay your tax by the due date. The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%.
From 1979 to 2007 the average federal income tax rate fell 110% for the second lowest quintile, 56% for the middle quintile, 39% for the fourth quintile, 8% for the highest quintile, and 15% for the top 1%, with the bottom quintile moving from a tax rate of zero to negative liability. The highest marginal tax rate for individuals for U.S. federal income tax purposes for tax years 1952 and 1953 was 92%. 2  Since 1964, the threshold for paying top income tax rate has generally been between $200,000 and $400,000.