If I understand your situation correctly, for the first quarter you would pay a large amount based on 4x the quarter income. But then for the second quarter, if your income is lower, you would pay based on 4x the second quarter income, and if that was very low indeed, you would pay 1/4 the 110% number instead.
The penalty thing tends to be very complicated and the IRS gets to have it both ways. In big quarters you pay more but in low quarters you don't get to pay less. Then if you have met the 110% by Q3, you can skip your Q4 payment and just pay in full by April 2021 (I think).
However, someone else may have a better handle on this.
