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A credit is allowed for foreign income taxes paid or accrued. The financing is limited certain part of U.S. tax due to foreign source income. It's not refundable, but any excess credit can be carried to other years to reduce tax. Marginal tax rate is the rate of tax spend on your last (or highest) level of income. In the described example, the body's being taxed with a marginal tax rate of 25% with taxable income of $45,000. As well as mean they're paying 25% federal tax on her last dollars of income (more than $33,950).

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