But I have already been paying income taxes on the rest of my income throughout the year... That is what is so confusing. Wouldn't I just pay the income tax on ...

Thanks. So if the taxes are 12%, I would pay 12% on $45,000 plus the 10% penalty on $45,000 which would be a total of about $9,900? Is that right?

Thanks for this. I guess I am just wondering what I will have to pay when I go to file my income taxes? Will I be told that I owe let's say 20% tax on the unpai...