Required information [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be \$11,950. Last year, his total tax liability was $16,300. He estimates that his tax withholding from his employer will be $9,035. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Required information [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,950. Last year, his total tax liability was $16,300. He estimates that his tax withholding from his employer will be $9,035. 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. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places