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How is the penalty determined for underpayment of federal income taxes? Is it a schedule/table that can be found somewhere? Is it a percentage of the amount underpaid?

The penalty is a percentage of the amount underpaid at each "quarter" for the period of time it remains unpaid. What you're looking for is Form 2210, or one of the estimated tax calculators such as the one edcosoft created.

Ira
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