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Revision as of 07:12, 6 January 2025
There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and the source of the salary or fee pay. Foreign residency or extended periods abroad for the tax payer is a qualification to avoid double taxation.
For his 'payroll' tax as the employee he pays 7.65% of his $80,000 which is $6,120. His employer, though, must pay the same several.65% - another $6,120. So in between the employee and his awesome employer, the fed gets 15.3% of his $80,000 which to be able to $12,240. Keep in mind that an employee costs an employer his income plus 7.65% more.
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Now we calculate if there is any tax due. Assuming for the moment that no income exists, we calculate taxable income getting the take advantage of the business ($20,000) and subtract common 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 extra cash tax due for chore would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 for every total of $4,159.
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