00 Part 1 of 2 Required information [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16.000. He estimates that his tax withholding from his employer will be $8,750. 1.44 points eBook a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Print Increase in withholding Part 2 of 2 The following information applies to the questions displayed below.) This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16,000. He estimates that his tax withholding from his employer will be $8,750. 1.48 points Book b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Print Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter Dates April 15th June 15th September 15th January 15th Total