As the Federal Interest increase, the amount of interest the IRS will charge for underpayment on quarterly taxes also increases.
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In 2022, the interest rate for underpayment for independent workers during the 1st quarter of the year was 3%. This year (2023) that percentage has gone up to as high as 8%
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What does this mean for you? If you're not paying your 2023 quarterly taxes, the end-of-year penalty will be much higher than it's ever been before, cutting into your refund (if you have W-2 income and normally receive one) or significantly increasing your tax bill.

Luckily, your WorkMade account automatically calculates your tax rate and sets money aside so you can make your quarterly tax payments on time! Taking care of this throughout the year can provide peace of mind when end of year taxes are due.

Note: Each individual and business tax situation is different and unique so WorkMade does not provide specific tax advice, only supplying general information based on information published by various taxing authorities, which may change over time.