You know, don't push the button, don't push the button, don't push the button, and then some socko finish. I was pleasantly surprised by how the book bobs and weaves and is a lot more active and entertaining that just that. MILD SPOILER, so don't tell your four year old.
The late payment penalty applies to any portion of your federal tax that remains unpaid as of the due date, typically the tax filing date. The IRS imposes a failure-to-pay penalty of one half of one percent for each month or part of a month that the tax goes unpaid.
If you did not pay enough estimated tax or have enough tax withheld from your earnings by any due date for paying estimated tax, you may be subject to a penalty. For calendar year 2012, the underpayment penalty is 7%, compounded monthly. For 2013, the underpayment penalty is also 7%, compounded monthly.f a tax return is not filed upon demand, the penalty for late filing is the greater of $25 or 25% of the tax due. The penalty for late payment of the tax is 1% per month up to a maximum of 25%. Both penalties are assessed when the return is filed late and the tax is paid late.