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Required information Problem 8-77 (LO 8.5) (Algo) [The following information applies to the questions displayed below.] This year Lioyd, a single taxpayer, estimates that his tax liability will be $10,600. Last year, his total tax llability was $15,400. He estimates that his tax withholding from his employer will be $8,180. Problem 8-77 Part a (Algo) W. How much does Lloyd need to Increase his withholding by (for the year). In order to avoid the underpayment penalty? Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions displayed below] This year Lloyd, a single taxpayer, estimates that his tax lability will be $10,600, Last year, his total tax llability was $15,400. He estimates that his tax withholding from his employer will be $8,180. Problem 8-77 Part b (Algo) . 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 Note: Do not round intermediate calculations. Round your final answers to 2 decimal ploces