Hi Kimberly,
Thank you so much for your clear response.
I did not know about 3.8% Net Investment Income Tax. This is another kick in the head and stomach. I assume this is for Fed and basically I have to calculate the estimated tax based on 23.8% (20% + 3.8%), correct?
8% penalty for late payment. This rate is annual and you calculate the penalty dollar amount based on prorated amount, for example if you are 3 month late from the deadline, it will be 8% x 3 month / 12 months = 2%, correct?
