b. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?

Required InTormation The following information applies to the questions displayed below. This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,750. Last year, his total tax liability was $15,500. He estimates that his tax withholding from his employer will be $8,275 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. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.) Over (Under) Penalty Per Quarter Dates ihulding Requireditding rtnbeidPenality Per Quarter Dates Withholding April 15th June 15th September 15th January 15th Total 0.00