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Jenna paid foreign income tax of $4,372 on foreign income of $21,860. Her worldwide taxable income was $150,200, and her U.S. tax liability was $37,000.
Jenna paid foreign income tax of $4,372 on foreign income of $21,860. Her worldwide taxable income was $150,200, and her U.S. tax liability was $37,000. Required: a. What is the amount of the foreign tax credit (FTC) allowed? b. What would be the allowed FTC if Jenna had paid foreign income tax of $9,400 instead? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Amounts a. Foreign tax credit allowed b. Foreign tax credit allowed
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