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**** Scenario 4: International Tax Foreign Tax Credit Deep Dive ...

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Accounting

****
Scenario 4: International Tax Foreign Tax Credit Deep Dive
Wages (earned while living abroad): $125,000
Qualifies for the Foreign Earned Income Exclusion
Foreign income taxes paid: $8,000
Interest and Dividend Income (US-based): $3,000
Itemized Deductions: $15,000
Allowable deduction for self-employment tax: None
Calculate:
AGI, Taxable Income
Foreign Tax Credit (consider limitations based on type of foreign income)
Total tax liability, and analyze the effectiveness of the credit in eliminating double taxation.

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