: International Taxation and Foreign Tax Credits

Feb 3rd, 2012
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Assignment 3: International Taxation and Foreign Tax Credits Due Week 6 and worth 280 points (Due in 4 Weeks) Assume you are a CPA working as a tax professional and are hired by a client who is a U.S.-based taxpayer and is interested in expanding the business into foreign markets. Using the Internet or Strayer databases, conduct research on the various tax impacts for U.S. companies that expand abroad. Write a four to six (4-6) page paper in which you: Based on your research, assess at least two (2) types of organizations that the taxpayer could establish abroad and the various tax impacts that these types of organization may cause. Provide support for your rationale. Based on your research, develop a strategy for the client to repatriate earnings from the foreign markets and avoid or mitigate the U.S. tax impact on repatriation. Provide support for your rationale. Based on your research, evaluate foreign tax credits and propose at least three (3) tax credits the client

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NameB.D. WilliamsD. RayeK. BakerF. LopezA. DanielsB. KingstonEarnings to31 August$ 6,7006,4007,70013,700108,000110,000Earnings ofSeptember$ 7008001,0001,70012,00015,000WithholdingIncome TaxFICAStateFederalNameB.D. WilliamsD. RayeK. BakerF. LopezA. DanielsB. KingstonTotalEarnings to 31AugustEarnings ofSeptember$6.700,00$6.400,00$7.700,00$13.700,00$108.000,00$110.000,00$252.500,00WithholdingIncome Tax$700,00$800,00$1.000,00$1.700,00$12.000,00$15.000,00$31.200,00$70,00$80,00$100,00$170,00$1.200,00$1.500,00$3.120,00Journal EntryParticularsWages and Salaries ExpenseWithholding Tax PayableFICA Tax PayableCash$Debit31.200,00Credit$$$3.120,001.159,3026.920,70FICA$53,55$61,20$76,50$130,05$444,75$393,25$1.159,30StateUnemploymentCompensation3,006,00$9,00FederalUnemploymentCompensation2,404,80$7,20Max Allowable State Unemploy. CompensationMax Allowable Federal Unemploy. CompensationFederal Unemployment Tax RateState Unemployment Compensation RateFederal Income Tax RateFICA Tax RateMax Threshold on employee and employerExcess Taw Rate Charged over Max Threashold7000,007000,000,80%1,00%10,00%7,65%113700,001,45%Journal EntryParticularsPayroll Tax Expense$FICA Tax PayableFederal Unemployment Tax PayableState Unemployment Tax PayableDebit1.175,50Credit$$$1.159,307,209,00Journal EntryParticularsWithholding Tax Payable$FICA Ta

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