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This is the first year I have received a penalty for underpayment of my estimated tax. Does that mean my employer did not deduct my income properly?
My company switched to a new ERP system and the additional money I was having withheld did not transfer into the new system and I did not catch it. I knew I would have to make a payment but I do not understand the underpayment penalty.
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March 10, 2025
7:32 AM