Answer: y = ⅔
Explanation:
1. Set all equal to the y. (Subtract -¼ from ⁵⁄₁₂) 
 ⅓y = ⁵⁄₁₂ - ¼
2. Find common denominators. (Multiply ⅓ • ⁴⁄₄ to make it in ¹⁄₁₂ form, which would be ⁴⁄₁₂) (Also multiply ¼ • ³⁄₃, which is ³⁄₁₂)
 ⁴⁄₁₂y = ⁵⁄₁₂ - ³⁄₁₂
3. Divide ⁴⁄₁₂ from both sides of the equation to get y by itself. (Dividing fractions = multiplying fractions)
 ⁵⁄₁₂ • ⁴⁄₁₂ = ²⁰⁄₁₂ = ⁵⁄₃ ³⁄₁₂ • ⁴⁄₁₂ = ¹²⁄₁₂ = 1
4. Subtract ⁵⁄₃ and 1. Remember the subtraction sign from the original equation. (Find common denominators)
 ⁵⁄₃ - ³⁄₃ = ⅔
5. Solution!
 y = ⅔