Mr. Kim is a U.S. citizen who has been stationed at his employer’s Tokyo office for...
Mr. Kim is a U.S. citizen who has been stationed at his
employer’s Tokyo office for the last six years.
Required:
- Compute Mr. Kim’s AGI if his only income for the year was his $203,600 salary.
Homework Answers
Since year has not been mentoned, Answer is given for 2020 and 2019 as well.
AGI = Salary - foreign earned income exclusion = 203600 - 107600 = 96000 based on year 2020 tax rates
AGI = Salary - foreign earned income exclusion = 203600 - 105900 = 97700 based on year 2019 tax rates
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