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I cant pay my Walker income tax on time. What interest rate do you charge?

April 26, 2017charge Interest rate pay time Walker

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I cant pay my Walker income tax on time. What interest rate do you charge?

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By law, we charge both penalty and interest on the unpaid balance of tax. Penalty is calculated at the rate of 1% per month up to a maximum of 25%. The interest rate is set by the State of Michigan and changes every six months. It is currently 4.25% per year. It is calculated on a daily basis, which is .0001164.