To calculate the torque applied by a flywheel on a connected shaft, the formula involves angular acceleration and moment of inertia, not angular velocity. The torque generated by the flywheel is limited and depends on its design and connection to the shaft. Understanding the relationship between torque, power, and angular acceleration is crucial for accurate calculations. However, determining the angular acceleration of the shaft without experimental testing poses a challenge. The discussion emphasizes the need for practical testing to obtain precise values.