Chapter 8 Homework Assignment i Saved Help Save & Exit Submit Check my work 23 Part 1 of 2 Required information Problem 8-77 (LO 8-5) (Algo) (The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,600. Last year, his total tax liability was $15,400. 0.83 points He estimates that his tax withholding from his employer will be $8,180. eBook Problem 8-77 Part-a (Algo) Print a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? References Increase in withholding Chapter 8 Homework Assignment i Saved Help Save & Exit Submit Check my work 24 Part 2 of 2 Required information Problem 8-77 (LO 8-5) (Algo) (The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,600. Last year, his total tax liability was $15,400. 0.91 points He estimates that his tax withholding from his employer will be $8,180. eBook Problem 8-77 Part-b (Algo) 1 Print 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.) References Dates Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter April 15th June 15th September 15th January 15th Total