Return to question 8 Part 1 of 2 Required information [The following information applies to the questions displayed below.) This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16,000 He estimates that his tax withholding from his employer will be $8,750. 111 points 3. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Answer is complete and correct. Increase in withholding $ 1,600 Check my work 9 Part 2 of 2 Required information [The following information applies to the questions displayed below.) This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16,000 He estimates that his tax withholding from his employer will be $8,750. 1.12 points Book 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 Actual Withholding $ 2,187.50 Penalty Per Quarter Dates April 15th June 15th September 15th January 15th Total Required Withholding Over (Under) Withheld 2,587.50 s (400.00) (800.00) (1.200.00) (1.600.00) $ 0.00