George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2022, George began working in London (for a total of 214 days in 2022). He worked there until January 31, 2023, when he transferred to Paris. He worked in Paris the remainder of 2023. His salary for the first five months of 2022 was $100,000, and it was earned in the United States. His salary for the remainder of 2022 was $175,000, and it was earned in London. George's 2023 salary from Hawk was $300,000, with part being earned in London and part being earned in Paris. Assume the 2023 indexed amount is the same as the 2022 indexed amount. Assume 365 days in 2022 and 365 days in 2023.   Carry any fractions out to four decimal places. Round your final answers to the nearest dollar. a. Determine George's gross income in 2022 and 2023. 2022: $ 2023: $

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 48P
icon
Related questions
Question

George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1, 2022, George began working in London (for a total of 214 days in 2022). He worked there until January 31, 2023, when he transferred to Paris. He worked in Paris the remainder of 2023. His salary for the first five months of 2022 was $100,000, and it was earned in the United States. His salary for the remainder of 2022 was $175,000, and it was earned in London. George's 2023 salary from Hawk was $300,000, with part being earned in London and part being earned in Paris.

Assume the 2023 indexed amount is the same as the 2022 indexed amount. Assume 365 days in 2022 and 365 days in 2023.

 

Carry any fractions out to four decimal places. Round your final answers to the nearest dollar.

a. Determine George's gross income in 2022 and 2023.
2022: $
2023: $

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Foreign Earned Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L