The net taxable income of Daniel Simmons for the income statement given above will be $50,915.
<h3>What is net taxable income?</h3>
The total amount on which income tax is to be paid by the assessee during a particular financial period is known as the net taxable income of such individual.
Using the given information into the formula below,
Net Taxable Income = Gross Salary+Interests and Dividends earned+Adjustments-Standard Deduction
Net Taxable Income = $(62250+75+140+850-12400)
Net Taxable Income = $50,915
Hence, the net taxable income is as computed above.
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