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?

Answer rating: 100% (QA)

To calculate Homer Simpsons taxable income we start with their total income amount and then s... View the full answer