The exchange rate between the U.S. dollar (US$) and the euro () remained constant at 1.00 =
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a. Determine the amount of foreign earned income Elizabeth Welch included in her calculation of U.S. taxable income for the year 2013.
b. Determine the amount of foreign tax credit Elizabeth Welch was allowed to take in determining her U.S. tax liability for the year 2013.
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 2013.
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