FOREIGN INCOME TAXES Pack your bags; we're taking a trip. A trip around the world to see how much folks in other countries pay in income tax compared to us here in the United States. Our travelling companion and tax guinea pig is Mitchell, who is single and earns $$ \$ 59,441.94 $$ in taxable income here in the United States. As we calculated in class, his federal income tax due here in the U.S. is $$ \$ 8,130.23 $$. For each country below, calculate the amount of federal income tax Mitchell would owe on a salary equal to $$ \$ 59,441.94 $$ USD. Then state how much more or less (in USD) he pays compared to the US.

Question

Reese Li · Accepted Answer

To determine how much Mitchell pays in federal income tax in different countries compared to the U.S., follow these steps: 1. **Convert Mitchell's Income to Local Currency** using the current exchange rate. 2. **Apply Each Country's Tax Rates and Brackets** to his income. 3. **Calculate the Total Tax Owed** in each country. 4. **Compare** the foreign tax amounts to the U.S. tax of \$8,130.23 to see if he pays more or less. For accurate calculations, provide the specific tax structures and exchange rates for each country you're interested in.

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