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Required information [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350.
Required information
[The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350. Last year, his total tax liability was $15,900. He estimates that his tax withholding from his employer will be $8,655.
a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?
Increase in withholding: $_________________
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