Final answer:
To calculate Daniel's taxable income, we need to subtract the standard deduction from his adjusted gross income. Daniel's adjusted gross income is $63,315 and the standard deduction is $12,400. Therefore, Daniel would report $50,915 as his taxable income.
Step-by-step explanation:
To calculate Daniel's taxable income, we need to subtract the standard deduction from his adjusted gross income. Starting with Daniel's gross salary of $62,250, we add the interest earnings, dividend income, and adjustments to income, which give us a total adjusted gross income of $63,315.
Next, we subtract the standard deduction of $12,400 from the adjusted gross income:
$63,315 - $12,400 = $50,915.
Therefore, Daniel would report $50,915 as his taxable income.