What is jane us tax liability in the united states

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Reference no: EM133449112

Case Study: Jane Doe is a citizen of the United States. Jane wants to know her USA tax liability after Foreign Tax Credits for her 2016 earnings. Jane gives you the following information: During 2016 Jane worked half the year in Miami and earned $300,000 as a consultant. During the second half of the year Jane was hired as a consultant in Chile and earned $200,000 Jane paid $40,000 in Home Mortgage Interest to Bank of America Jane paid $10,000 in Home Property Taxes to Dade County Jane made a IRC 501(c) (3) Charitable Contribution for $5,000 Jane paid $80,000 in tax in Chile on her Chilean consulting income ASSUMPTIONS: USA Individual Flat Tax Rate of 40% No phase out on Itemized Deductions No personal Exemption No other credit involved other than Foreign Tax Credit

QUESTION: What is Jane's US tax Liability in the United States after taking into consideration any Foreign Tax Credits.

Reference no: EM133449112

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