1. Convert fractions to a common denominator:
    \frac{3}{4} = \frac{3 \times 3}{4 \times 3} = \frac{9}{12} 
    \frac{1}{3} = \frac{1 \times 4}{3 \times 4} = \frac{4}{12} 
2. Subtract the fractions:
    \frac{9}{12} - \frac{4}{12} = \frac{9-4}{12} = \frac{5}{12} 
3. Final answer:
    \frac{5}{12}