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What is the amount of his underpayment penalty

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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. 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.

Reference no: EM133137471

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