do note that to avoid federal underpayment penalties you must meet one of these exceptions
- withholding must equal or exceed 90% of your 2023 tax or
- withholding must equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
- the balance due after subtracting taxes withheld from 90% of your 2023 tax is less than $1,000 or
- your total taxes are less than $1,000
state laws vary
