Exchange rate between US$ & Euro Assignment Help with Solution
The exchange rate between the U.S. dollar (US$) and the euro (€) remained constant at €1.00 = US$1.50 throughout 2011. Elizabeth Welch (a U.S. citizen) lives and works in France. In 2011, she earned income in France of €100,000, and paid taxes to the local government at the rate of 40 percent. Welch qualifies for the foreign earned income exclusion.
a. Determine the amount of foreign earned income Elizabeth Welch included in her calculation of U.S. taxable income for the year 2011.
b. Determine the amount of foreign tax credit Elizabeth Welch was allowed to take in determining her U.S. tax liability for the year 2011.
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c. Assuming Elizabeth Welch has a marginal U.S. tax rate of 28 percent, determine the amount of U.S. income taxes she paid on her foreign earned income in the year 2011.
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