This year Lloyd, a single taxpayer, estimates that his tax liability will be $11

Question

This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,200. Last year, his total tax liability was $15,600.

He estimates that his tax withholding from his employer will be $9,180

How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding= ?

Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5%. Underpayment penalty=?

He estimates that his tax withholding from his employer will be $9,180

How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding= ?

Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5%. Underpayment penalty=?

Explanation / Answer

Tax rates are country specifice. So please provide the rate of tax that prevails in your country. Only then can we answer it dear. Please provide the same & re-post after rating this one.

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