Since July 1, 2005, a different rate of interest has applied to overdue estate taxes and tangible personal property taxes. This rate is calculated by simply rounding the federal short term rate to the nearest percentage point. Accordingly, the interest rate on overdue tangible personal property and estate taxes will be 1 percent. See Table 2 for the rate in effect in previous years. An example of how to calculate interest using these tables is also listed below, as well as copies of recent journal entries certifying these rates.
http://www.tax.ohio.gov/ohio_individual/individual/interest_rates.aspx
Interest Charges. Interest is typically added to any unpaid tax from the time the payment was due until the date the tax is paid. Interest rates are set by the IRS every three months at the federal short-term rate plus 3 percent. Interest is calculated for each day your balance is not paid in full, assessed on the unpaid amount of tax due as well as any late filing or late payment penalties. In other words, you have to pay both.
https://www.thebalance.com/penalties-for-late-payment-and-late-filing-3192945
Failure to File Penalty. Taxpayers who do not file their income tax returns on time may be assessed a failure to file penalty. The failure to file penalty is 5 percent of the unpaid tax for each month the tax remains unpaid. In addition to the 5 percent, any tax returns more than 60 days late will be assessed $135 or 100% tax due.
http://smallbusiness.chron.com/federal-income-tax-penalties-interest-1558.html
Even if you’ve chosen to report interest every year, the 1099-INT that is reported after the bond is redeemed will show all the interest earned from the date of issue. See instructions in IRS Publication 550 on how to report interest in this situation on your federal income tax return.
https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eetaxconsider.htm
You and the other person must each report the interest in proportion to how much you each paid for the bond. You and your spouse live in a community property state and buy a bond that is community property and you file separate federal income tax returns. You and your spouse each report one-half of the interest.
https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eetaxconsider.htm
Interest begins accruing on any unpaid tax and continues accruing until the tax is paid in full. The rate of interest is determined quarterly and is the federal short-term rate plus 3 percent. Unlike penalties that are often abated for reasonable cause, penalty charges are rarely abated.
http://smallbusiness.chron.com/federal-income-tax-penalties-interest-1558.html
You should report taxable interest and tax-exempt bond interest on your income tax return (lines 8a and 8b of the 1040). You may also be required to file Schedule B, if your taxable income is more than $1,500 or under certain other conditions (see the form instructions).
https://www.fidelity.com/tax-information/tax-topics/interest-income
The interest that your savings bonds earn is subject to: 1  federal income tax, but not to state or local income tax. 2  any federal estate, gift, and excise taxes as well as any state estate or inheritance taxes.
https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eetaxconsider.htm
Your Tax Dollars at Work. The average income in 2011 was $41,560. With this salary and a single filing status, you could expect to pay around $5,153 (12.4 percent of your earnings) in federal taxes, in addition to $2,577 (6.2 percent) toward Social Security and $603 (1.5 percent) toward Medicare.
https://www.debt.org/tax/
Federal income tax may be the largest, but it’s far from the only tax you pay. You may have paycheck deductions for state income taxes. If you own real estate, you pay property taxes. And every time you buy an item, sales tax is tacked on.
https://www.debt.org/tax/
what is the interest rate on on taxes owed to the government
Interest rates are set by the IRS every three months at the federal short-term rate plus 3 percent.