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You must file estimated tax payments on a quarterly basis on a Form R-ES, estimating the amount of tax you will owe for the year. You must make payments on 90% of your estimated annual tax. Each quarterly payment must be 1/4 of the 90% estimate.
The first quarterly payment is due April 15th. The subsequent payments are due January 15th, June 15th, and September 15th of the current year.
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Yes, there is a late filing fee of $25. The penalty rate for any tax due is 15% penalty of the unpaid balance at the time that the payment. Also, interest of 0.583% per month is charged on tax due.