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\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\end{array}
First line up the numbers vertically and match the places from the right like this.
\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\phantom{\times999}16485\\\end{array}
Now multiply the first number with the 1^{st} digit in 2^{nd} number to get intermediate results. That is Multiply 5495 with 3. Write the result 16485 at the end leaving 0 spaces to the right like this.
\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\phantom{\times999}16485\\\phantom{\times99}10990\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 5495 with 2. Write the result 10990 at the end leaving 1 spaces to the right like this.
\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\phantom{\times999}16485\\\phantom{\times99}10990\phantom{9}\\\phantom{\times9}16485\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 5495 with 3. Write the result 16485 at the end leaving 2 spaces to the right like this.
\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\phantom{\times999}16485\\\phantom{\times99}10990\phantom{9}\\\phantom{\times9}16485\phantom{99}\\\underline{\phantom{\times}21980\phantom{999}}\\\end{array}
Now multiply the first number with the 4^{th} digit in 2^{nd} number to get intermediate results. That is Multiply 5495 with 4. Write the result 21980 at the end leaving 3 spaces to the right like this.
\begin{array}{c}\phantom{\times9999}5495\\\underline{\times\phantom{9999}4323}\\\phantom{\times999}16485\\\phantom{\times99}10990\phantom{9}\\\phantom{\times9}16485\phantom{99}\\\underline{\phantom{\times}21980\phantom{999}}\\\phantom{\times}23754885\end{array}
Now add the intermediate results to get final answer.