Required information
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This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,550. Last year, his total tax liability was
$16,700.
He estimates that his tax withholding from his employer will be $9,415.
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.)
Dates
Actual
Withholding
Required Withholding
Over (Under)
Withheld
Penalty Per Quarter
April 15th
June 15th
September 15th
January 15th
Total