The following information applies to the questions displayed below.
This year Lloyd, a single taxpayer, estimates that his tax liability will be $ Last year, his total tax liability was $
He estimates that his tax withholding from his employer will be $
b Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal shortterm rate is percent.
Note: Do not round intermediate calculations. Round your final answers to decimal places.
tableDatestableActualWithholdingRequired Withholding,tableOver UnderWithheldPenalty Per QuarterApril thJune thSeptember thJanuary th$
