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  Taxable Income Components	Amount (USD)
  Gross Income	$60,000
  Deductions and Exemptions	($10,000)
  Taxable Income	$50,000
  Tax Rate (20%)	($10,000)
  _________________________________
  Total Tax Liability	$10,000

  Requirements:

  1. Compute the taxable income for an individual with a gross income of $60,000 and deductions/exemptions totaling $10,000.
  2. Apply a tax rate of 20% to determine the tax liability.
  3. Present all amounts in USD.
  4. Highlight the total tax liability.