South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 21CE
To determine
Identify Person M’s foreign earned income exclusion.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2018. Mio's salary for 2018 is $190,000. In your computation, round any division to four decimal places before converting to a percentage. For example, .473938 would be rounded to .4739. If required, round your final answer to the nearest dollar.Assume a 365-day year. Mio's foreign earned income exclusion is
Fred currently earns $10,100 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His
employer is willing to pay Fred $11,100 per month if he accepts the assignment. Assume that the maximum foreign-earned income
exclusion for next year is $112,000.
Required:
a-1. How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas
for the entire year?
a-2. If Fred's employer also provides him free housing abroad (cost of $21,100), how much of the $21,100 is excludable from Fred's
income?
b. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much
U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year?
c-1. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S.
gross income…
How do I calculate self-employment taxes with self-employment earnings. For example Bob Marks has self-employment earnings of 149,200, what would be his total self-employment taxes for 2021.
Chapter 5 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Holly was injured while working in a factory and...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Ted works for Azure Motors, an automobile...Ch. 5 - Prob. 12DQCh. 5 - Eagle Life Insurance Company pays its employees...Ch. 5 - Several of Egret Companys employees have asked the...Ch. 5 - Prob. 15DQCh. 5 - Tammy, a resident of Virginia, is considering...Ch. 5 - Andrea entered into a 529 qualified tuition...Ch. 5 - Prob. 18DQCh. 5 - Prob. 19DQCh. 5 - Prob. 20CECh. 5 - Prob. 21CECh. 5 - Ellie purchases an insurance policy on her life...Ch. 5 - Prob. 23CECh. 5 - Leland pays premiums of 5,000 for an insurance...Ch. 5 - Jarrod receives a scholarship of 18,500 from...Ch. 5 - Prob. 26CECh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - LO.2 Leigh sued an overzealous bill collector and...Ch. 5 - LO.2 Determine the effect on gross income in each...Ch. 5 - Prob. 37PCh. 5 - Prob. 38PCh. 5 - Prob. 39PCh. 5 - Prob. 40PCh. 5 - Prob. 41PCh. 5 - LO.2 Does the taxpayer recognize gross income in...Ch. 5 - Prob. 43PCh. 5 - Prob. 44PCh. 5 - Prob. 45PCh. 5 - LO.2, 5 Rosas employer has instituted a flexible...Ch. 5 - Prob. 47PCh. 5 - Prob. 48PCh. 5 - Prob. 49PCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56PCh. 5 - Prob. 57PCh. 5 - Prob. 59CPCh. 5 - Prob. 1RPCh. 5 - Prob. 2RPCh. 5 - Prob. 3RPCh. 5 - Prob. 4RPCh. 5 - Prob. 1CPACh. 5 - Linda is an employee of JRH Corporation. Which of...Ch. 5 - Kim was seriously injured at her job. As a result...Ch. 5 - Danny received the following interest and dividend...Ch. 5 - Prob. 5CPA
Knowledge Booster
Similar questions
- The 2019 tax brackets in France are given in the table. Gabriel has a taxable income of €36,700 (for reference, this is above the French national average). Let's calculate his tax bill. The first €9,964 of his earnings are untaxed. €27,519 - €9,964 = €17,555 is taxed at the 14% rate. €36,700 - €27,519 = €9,181 is taxed at the 30% rate. For each of these 'chunks' of his income, let's calculate the tax owed by multiplying the tax rate by the number of euros taxed at that rate. The 0% chunk: .00 * €9,964 = €0 The 14% chunk: .14 * €17,555 = ? (you figure this out) The 30% chunk: .30 * €9,181 = ? (you figure this out, too) Now add the tax on all three 'chunks' together to find his total tax: €0 + ? + ? and enter it in the space below.arrow_forwardFred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,000 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $105,900. a) How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year b) Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year?arrow_forwardFred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,000 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $105,900. c-1. Suppose that Fred’s employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income will Fred report next year if he accepts the permanent assignment abroad? Assume that Fred will be abroad for 305 days out of 365 days next year. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)arrow_forward
- Meryam Ahmed has net tax owing for 2016 of $5,000, net tax owing for 2017 of $8,000 and estimated net tax owing for 2018 of $6,500. If she wishes to pay using the Canada Revenue Agency's instalment payment calculation, what would be her payment be on September 15, 2018? a) $1250 Ob) $1625 c) $2000 d) $2750arrow_forwardWhat is the Tax-deductible contribution for this new permanent resident: "I am a new permanent resident and have recently moved to Canada in August 2021. I started working remotely for the Canadian company in June 2021, when I still lived in India. My salary is $119,000. I was also lucky enough to be granted $20,000 in company RSUS, which I received in September once I moved here. That puts me in a higher tax bracket. I'm looking for ways to reduce my tax payable in my first year. I know that RRSP is a great way to reduce my taxes, and my employer offers a generous GRSP and RRSP matching benefit. l'd like to take advantage of that! If I were to contribute $20,000 into the RRSP, with some of the contributions coming from company matching, how much would that contribution reduce my overall Income? Please provide details to support your answer:arrow_forwardPaul, a foreign individual, has been seconded to work in Singapore for a period of 600 days. His employer has granted him various options listed below. Which option would be most beneficial if his personal income tax rate back home is 30%, his country does not tax worldwide income, and he is paid SGD40,000 for every 60 days of work? To work for 600 continuous days over 3 calendar years with effect from 3rd September. To work for 600 continuous days over 3 calendar years with effect from 2hd December. To work for 600 continuous days over 3 calendar years with effect from 2nd November. To work for 600 continuous days over 2 calendar years with effect from 3rd January.arrow_forward
- Arthur was seconded to work in Hong Kong since 1 April 2020 at an annual salary of $800,000. During the first six months he was provided with a two bedroom suite in a three star hotel in Wanchai until 30 September 2020. Arthur then moved to a flat in Repulse Bay and his rent was fully paid for by his employer. Calculate the rental value to be included in his assessable income for the year of assessment 2020/21. Select one: a. $72,000 b. $80,000 c. $40,000 d. $56,000arrow_forwardFred currently earns $10,400 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $11,400 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $112,000. -how much U.S gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year?arrow_forwardAccounting Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.arrow_forward
- Frank moved to Canada from Germany on February 20, 2020. Which of the following accurately describes Frank's tax status for 2020?| (a) Frank will be taxed in Canada on all his worldwide income earned in 2020 because the time he spent in Canada exceeds 183 days. (b) Frank will be taxed in Canada on all his worldwide income earned in 2020, multiplied by the number of days spent in Canada and divided by 365. (c) Frank will be taxed in Canada on all his worldwide income earned from February 20, 2020 to December 31, 2020, except for gains or losses on the sale of capital property owned prior to entering Canada. (d) Frank will be taxed in Canada on all his worldwide income earned from February 20, 2020 to December 31, 2020.arrow_forwardFred currently earns $10,400 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $11,400 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $112,000. - Suppose that Fred’s employer has offered Fred a six month overseas assignment beginning on January 1 of next year. How much U.S gross income will Fred report next year if he accepts the six month assignment abroad and returns home in July 1 of next year?arrow_forwardCarmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2020, GM relocated Carmen to its Brazilian operations for the remainder of 2020. Carmen was paid a salary of $132,000 and was employed on a 5-day-week basis. As part of her compensation package for moving to Brazil, Carmen also received a housing allowance of $28,000. Carmen’s salary was earned ratably over the 12-month period. During 2020 Carmen worked 260 days, 195 of which were in Brazil and 65 of which were in Michigan.How much of Carmen’s total compensation is treated as foreign source income for 2020? (Do not round intermediate calculations.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
