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 $10,150 Last year, his total tax liability was $15,100. He estimates that his tax withholding from his employer will be $7.895. Problem 8-77 Part a (Algo) a. How much does Lloyd need to increase his witholding by (for the year), in order to avoid the underpayment penalty? Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions disployed below] This year Loyd, a single taxpayer, estimates that his tax liability will be $10,150. Last year, his total tax lability was $15,100 He estimates that his tax withholding from his employer will be $7,895 Problem 8-77 Part b (Algo) b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penality? Assume the federal short-term rate is 5 percent. Note: Do not round intermediote calculations. Round your final answers to 2 decimal places