Carlotta Has $50,000 Foreign-Source Income and $150,000 Total Worldwide Income

question 73

Multiple Choice

Carlotta has $50,000 foreign-source income and $150,000 total worldwide income.Her U.S.tax on her worldwide income is $30,175,and she paid foreign taxes of $16,000.What is the Carlotta's foreign tax credit?

• A)$5,942
• B)$10,058
• C)$16,000
• D)$5,333

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Definitions:

Social Constraint

Limitations imposed by society that influence individual behavior and social interactions.

Black Middle Class

A demographic group within the African American community characterized by moderate to high income levels, education, and professional achievements.

Permanent Underclass

A segment of the population that occupies the lowest possible position in a class hierarchy, below the core body of the working class.

Subsist

To sustain or provide for oneself, especially at a basic level.