Be sure to use 2018 amounts please!! Required information[The following information applies to the questions displayed below.]This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,400. Last year, his total tax liability was$16,600.He estimates that his tax withholding from his employer will be $9,320.b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federalshort-term rate is 5 percent. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)DatesApril 15thJune 15thSeptember 15thJanuary 15thTotalActualWithholdingRequired WithholdingOver (Under)WithheldPenalty Per Quarter0.00

The total income earned from all sources during a given fiscal year is subject to income tax. The…

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