! Required information CARES Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions displayed below.] In 2021, Lloyd, a single taxpayer, estimates that his tax liability will be $11,050. Last year, his total tax liability was $15,700. He estimates that his tax withholding from his employer will be $8,465. Assume CARES Act applies. CARES Problem 8-77 Part-b (Algo) 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.) Dates Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter April 15th June 15th September 15th January 15th Total $ 0.00 ! Required information CARES Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions displayed below.] In 2021, Lloyd, a single taxpayer, estimates that his tax liability will be $11,050. Last year, his total tax liability was $15,700. He estimates that his tax withholding from his employer will be $8,465. Assume CARES Act applies. CARES Problem 8-77 Part-b (Algo) 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.) Dates Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter April 15th June 15th September 15th January 15th Total $ 0.00