In 2022, Doug, a US citizen CPA, earned $400,000 and $200,000 of his $400,000 was earned in Country X where Doug spent substantial time working on a project for one of his clients. Country X had an income tax rate of 25% so Doug paid Country X $50,000 in income tax. 

Assume Doug’s US tax rate is 35%.

 After taking into account the foreign tax credit, how much income tax will Doug pay to the United States?

Answer rating: 100% (QA)

To calculate Dougs income tax payment to the United States after taking into account the foreign tax ... View the full answer