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1 This problem is about foreign earned income. Is it better to exclude the foreign...

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Accounting

1 This problem is about foreign earned income. Is it better to exclude the foreign earned income or include the income and take the foreign tax credit instead?

Wendy is a single individual who works for MTP, Inc. During the entire calendar year, she works in France and pays French taxes of $8,000 on her $95,000 salary. Her taxable income without considering her salary from MTP is $10,000. Should Wendy claim the income exclusion or tax credit and how much tax does she save using the alternative selected?

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