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Q. This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,550....

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Accounting

Q. 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.

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

Increase withholding $_________

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