Offshore Business - Pay Low Tax: Difference between revisions
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Revision as of 13:29, 21 September 2024
A credit is allowed for foreign income taxes paid or accrued. The money is limited to that part of U.S. tax due to foreign source income. It is not refundable, but any excess credit could be carried to other years to reduce tax.
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For my wife, she was paid $54,187, which she is not taxed on for Social Security or Healthcare. My wife to put 14.82% towards her pension by law, making her federal taxable earnings $46,157.
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