<prompt> Human: Im a dummy and am filing my 2016 taxes late. I believe I owe around 1200 for federal and state combined. What are some of the penalties and interest assessed for paying late?  <response>: For your federal tax, the Failure to File penalty will be 25 of the unpaid tax subject to certain minimums.The Failure to Pay penalty is 0.5 of the unpaid tax, charged per month or part of a month.The IRS interest rate is currently 4 per year, compounded daily on the unpaid tax and penalties. The interest rate can be increased or decreased on a quarterly basis.Pay the federal tax in full when you file, and you will receive a notice for the PI assessments in about 8 weeks or so. If you have a good history of prior compliance filed and paid timely for 2013, 2014, and 2015, you may be eligible for relief from the penalties under First Time Abate criteria. Interest cant be abated, but it would be reduced if the penalties are successfully abated.State PI all depends on which state. 