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Revision as of 09:11, 15 September 2026

A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that particular part of Ough.S. tax due to foreign source income. It is far from refundable, but any excess credit could be carried to other years to reduce tax. 10% (8.55% for healthcare and 5.45% Medicare to General Revenue) for my employer and me is $15,612.80 ($7,806.40 each), which is less than both currently pay now ($1,131.93 $7,887.10 = $9,019.03 my share and $1,131.93 $8,994 = $10,125.93 my employer's share).

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