What is the penalty rate and how is it determined and calculated?
The penalty rate is 10% of any unpaid tax balance, where there is no carry forward credit balance to apply. Penalties are also calculated on any late premiums being reported for the quarter at the rate of 10% of the 5% tax due. Penalty charges also apply if the mailing containing the tax remittance is postmarked by the U. S. Postal Service after the due date or is received more than one day after the due date if sent by a carrier not utilizing a postmark.
