Homework Answers
a.
| Increase in withholding | $ 1,880 |
To avoid underpayment penalty, Lloyd should have paid 90 % of current tax liability ( $ 12,550 x 90 % = $11,295 ) or 100 % of previous year tax liability ( $ 16,700), whichever is lower.
The lower of the two is $ 11,295.
Therefore increase in withholding = $ 11,295 - $ 9,415 = $ 1,880
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