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22. Is there a penalty for not paying enough estimated tax?

Yes. 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 years 2007 and 2008, the underpayment penalty is 12% annually, compounded monthly.

If your 2007 tax liability is $1,000 or more, you should refer to Form 2210ME, Underpayment of Estimated Tax by Individuals.

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