Thanks so much for your answer! However, I'm still confused. I now understand that I'm getting an underpayment penalty for not paying my estimated taxes per period (per quarter I believe)?
What I'm having trouble grasping here is, from my understanding, these types of penalties are received when taxes aren't paid by the quarterly deadlines the federal government sets, and typically affect those who are self-employed or something similar as those individuals are responsible for ensuring they pay.
However, I am not self-employed and my federal taxes were taken from each one of me and my wife's paychecks throughout 2019 so I don't understand how we didn't make these deadlines. Does this make sense?
Thanks so much,
Rich
