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How much does Lloyd need to increase his withholding

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Question - This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,800. Last year, his total tax liability was $16,200. He estimates that his tax withholding from his employer will be $8,940.

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

Reference no: EM133129230

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