Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is $87,000. Lucas may exclude from his gross income wages of:a. $0b. $40,000c. $87,000d. $105,900
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Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His
MNC salary is $87,000. Lucas may exclude from his gross income wages of:
a. $0
b. $40,000
c. $87,000
d. $105,900
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- Mr. Alex Magambo works partially in Kenya and partially` in canada . His family is based in Kenya . During the year ended 31st December 2021, Mr Magambo earned an equivalent of Ksh3,500,000 from his employment in Canada. He paid an equivalent of Ksh.480,000 as tax on the income. He also earned Ksh.1,800,000 as consultancy fee in Kenya in addition to employment of Ksh. 1,200,000 (PAYE KSh. 400,000). His employer in Kenya provided his family with accommodation. The monthly rent on the accommodation was Ksh. 60,000per month which was paid by the employer . Required: His tax liability for the year ended 31st December 2021George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2021, George began working in London (for a total of 214 days in 2021). He worked there until January 31, 2022, when he transferred to Paris. He worked in Paris the remainder of 2022. His salary for the first five months of 2021 was $100,000, and it was earned in the United States. His salary for the remainder of 2021 was $175,000, and it was earned in London. George's 2022 salary from Hawk was $300,000, with part being earned in London and part being earned in Paris. Assume the 2022 indexed amount is the same as the 2021 indexed amount. Assume 365 days in 2021 (a leap year) and 365 days in 2022. a. Is George eligible for the foreign income exclusion for 2021 and/or 2022? Both years ✔ Feedback ▼ Check My Work Congress has provided alternative forms of relief from taxes on foreign earned income. The taxpayer can elect either (1) to include the forei income in his or her taxable income…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…
- During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the University of California, an American university in pursuit of a degree. While in the U.S., she worked part-time at the school cafateria and earned $3,500. During her summer vacation, Ms. kelley returned home, where she worked for a company incorporated in her country and earned the equivalent of $4,500 (US dollars). How much of her income earned will be INCLUDED in U.S. gross income? $8,000 $4,500 $3,500 $0 reCarmen 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.)Fred 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?
- Carmen 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 $145,000 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 $31,250 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) Total foreign source compensationFred 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.)Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2022, GM relocated Carmen to its Brazilian operations for the remainder of 2022. Carmen was paid a salary of $138,000 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 $29,500. Carmen's salary was earned ratably over the 12-month period. During 2022 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 2022?
- Fred 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?Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who are Singapore citizens. The eldest is studying at an overseas university while the younger child is attending school in Singapore. For the year 2021, Christina earned the following employment income: (i) Salary of $236,000(ii) Bonus of $34,000(iii) Net rental income of $10,800 What is her total the child relief claim (QCR and WMCR) for the Year of Assessment 2022?Paul, 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.