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A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that part of U.S. tax due to foreign source income. It's not at all refundable, but any excess credit may be carried to other years to reduce tax.

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Basically, the internal revenue service recognizes that income earned abroad is taxed via resident country, and might be excluded from taxable income through the IRS generally if the proper forms are lodged. The source of the income salary paid for earned income has no bearing on whether it is U.S. or foreign earned income, but alternatively where operate or services are performed (as inside of the example a good employee employed by the U.S. subsidiary abroad, and receiving his pay check from parents U.S. company out with the U.S.).

I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) transfer pricing to produce 401k, making my federal income taxable earnings $64,744.

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