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Revision as of 14:56, 22 September 2024

A credit is allowed for foreign income taxes paid or accrued. The loan is limited certain part of You.S. tax due to foreign source income. It is not refundable, but any excess credit could be carried to other years to reduce tax.

If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is destined to be approximately 3,000 dollars.

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I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in to a 401k, making my federal income taxable earnings $64,744.

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