• 
  

  Taxable Income Components	Amount (USD)
  Gross Income	$80,000
  Deductions and Exemptions	($15,000)
  Taxable Income	$65,000
  Tax Rate (18%)	($11,700)
  _________________________________
  Total Tax Liability	$11,700

  Requirements:

  1. Compute the taxable income for an individual with a gross income of $80,000 and deductions/exemptions totaling $15,000.
  2. Apply a tax rate of 18% to determine the tax liability.
  3. Present all amounts in USD.
  4. Highlight the total tax liability.