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\begin{array}{c}\phantom{\times99}16654\\\underline{\times\phantom{9999}498}\\\end{array}
First line up the numbers vertically and match the places from the right like this.
\begin{array}{c}\phantom{\times99}16654\\\underline{\times\phantom{9999}498}\\\phantom{\times9}133232\\\end{array}
Now multiply the first number with the 1^{st} digit in 2^{nd} number to get intermediate results. That is Multiply 16654 with 8. Write the result 133232 at the end leaving 0 spaces to the right like this.
\begin{array}{c}\phantom{\times99}16654\\\underline{\times\phantom{9999}498}\\\phantom{\times9}133232\\\phantom{\times}149886\phantom{9}\\\end{array}
Now multiply the first number with the 2^{nd} digit in 2^{nd} number to get intermediate results. That is Multiply 16654 with 9. Write the result 149886 at the end leaving 1 spaces to the right like this.
\begin{array}{c}\phantom{\times99}16654\\\underline{\times\phantom{9999}498}\\\phantom{\times9}133232\\\phantom{\times}149886\phantom{9}\\\underline{\phantom{\times}66616\phantom{99}}\\\end{array}
Now multiply the first number with the 3^{rd} digit in 2^{nd} number to get intermediate results. That is Multiply 16654 with 4. Write the result 66616 at the end leaving 2 spaces to the right like this.
\begin{array}{c}\phantom{\times99}16654\\\underline{\times\phantom{9999}498}\\\phantom{\times9}133232\\\phantom{\times}149886\phantom{9}\\\underline{\phantom{\times}66616\phantom{99}}\\\phantom{\times}8293692\end{array}
Now add the intermediate results to get final answer.