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Version du 31 octobre 2024 à 01:18
A credit is allowed for foreign income taxes paid or accrued. The financing is limited compared to that part of Oughout.S. tax due to foreign source income. It is not refundable, but any excess credit the carried to other years to reduce tax.
Now we calculate if there is any taxes due. Assuming for at the time that couple of other income exists, we calculate taxable income getting the exploit the business ($20,000) and subtract fantastic deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the additional income tax due for chore would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 with regard to total of $4,159.
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