Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Revision as of 07:33, 22 September 2024
A credit is allowed for foreign income taxes paid or accrued. The financing is limited compared to that part of U.S. tax due to foreign source income. It isn't refundable, but any excess credit could be carried to other years to reduce tax.
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Marginal tax rate could be the rate of tax not only do you on your last (or highest) quantity income. In the described example, the individual is being taxed with a marginal tax rate of 25% with taxable income of $45,000. This should mean she is paying 25% on her last dollars of income (more than $33,950).
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