Required information Problem 5.62 (LO 5.3) (Algo) [The following information applies to the questions disployed below] Fred currently earns $9.600 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay fred $12.600 per month if he accepts the assignment. Assume that the maximum foreign earned income exclusion for next year is $120,000. Problem 5-62 Part a-1 (Algo) 1. How much US gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas or the entire year? Required information Problem 5.62 (LO 5-3) (Algo) [The following information applies to the questions displayed below] Fred currently earns $9.600 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $12,600 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. roblem 5-62 Part a-2 (Algo) 2. If Fred's employer also provides him free housing abroad (cost of $25,600 ), how much of the $25,600 is excludable from Fred's icome? Required information Problem 5.62 (LO 5-3) (Algo) [The following information applies to the questions displayed below] Fred currently earns $9,600 per month. Fred has been offered the chance to transfer for three to five years to an overseas affillate. His employer is willing to pay Fred $12.600 per month if he accepts the assignment. Assume that the maximum foreign earned income exclusion for next year is $120,000 Problem 5.62 Part b (Algo) b. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year? Required information Problem 5-62 (LO 5-3) (Algo) [The following information applies to the questions displayed below] Fred currently earns $9.600 per month. Fred has been offered the chance to transfer for three to five years to an overseas affillate. His employer is willing to pay Fred $12,600 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. roblem 5-62 Part c-1 (Algo) 1. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next yeat. How much US. oss income will Fred report next year if he accepts the permanent assignment abroad? Assume that fred will be abroad for 305 ays out of 365 days next year. ote: Round your intermediate calculations and final answer to the nearest whole dollar amount. Required information Problem 5-62 (LO 5-3) (Algo) [The following information applies to the questions displayed below] Fred currently earns $9.600 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $12,600 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. roblem 5-62 Part c-2 (Algo) 2. If Fred's employer also provides him free housing abroad (cost of $20,300 next year), how much of the $20,300 is excludable rom Fred's income? Assume that Fred will be abroad for 305 days out of 365 days next year. Vote: Round your intermediate calculations and final answer to the nearest whole doliar amount
