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Homer Simpson finds himself in a panic attempting to meet the April 15th tax deadline. If Homer and his wife have an income of $60,000, earned $1200 in interest, invested $2500 in a tax-deferred savings plan, and have a total of $12,000 in exemptions and deductions, what would be his taxable income?

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Answer:

As given, Income of Homer and his wife = $60000

Interest earned = $1200.

Adding this to total income, we have total taxable amount = 60000+1200 = $61200

Now, investment in tax deferred savings plan = $ 2500

This amount will be subtracted from total taxable income, so amount becomes = 61200-2500 = $58700

We will also subtract the exemptions and deductions = $12000

Amount becomes = 58700-12000 = $46700

Hence, Net taxable income is $46,700

Step-by-step explanation:

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