Answered step by step
Verified Expert Solution
Question
1 Approved Answer
George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2023, George began working in London (for
George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2023, George began working in London (for a total of 214 days in 2023). He worked there until January 31, 2024, when he transferred to Paris. He worked in Paris the remainder of 2024. His salary for the first five months of 2023 was $100,000, and it was earned in the United States. His salary for the remainder of 2023 was $175,000, and it was earned in London. George's 2024 salary from Hawk was $300,000, with part being earned in London and part being earned in Paris. Assume the 2024 indexed amount is the same as the 2023 indexed amount. Assume 365 days in 2023 and 366 days in 2024. a. Is George eligible for the foreign income exclusion for 2023 and/or 2024 ? Feedoack 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 foreign income in their taxable income and then claim a credit for foreign taxes paid or (2) to exclude the foreign earnings from their U.S. gross income (the foreign earned income exclusion). Carry any fractions out to four decimal places. Round your final answers to the nearest dollar. b. Determine George's gross income in 2023 and 2024 2023: x 2024: $ X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started