I recently received a substantial increase in my income through a bonus. My payroll withholding was not adjusted correctly to reflect my new tax rate based on the higher income in 2007 due to the bonus.

I was concerned about underpayment penalties and interest in case of not paying an estimated tax payment to pay for the extra tax on the bonus. Is it better to make a payment immediately following the bonus? Will I avoid penalties and interest and does this it make sense?