Annual Taxes - Humor In The Drudgery: Difference between revisions

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Revision as of 21:21, 22 September 2024

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A credit is allowed for foreign income taxes paid or accrued. The money is limited for that part of U.S. tax due to foreign source income. It is far from refundable, but any excess credit the carried to other years to reduce tax.

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

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