AAFM Exam CWM_LEVEL_2 Topic 2 Question 93 Discussion

Actual exam question for AAFM's CWM_LEVEL_2 exam

Question #: 93
Topic #: 2

[All CWM_LEVEL_2 Questions]

Section C (4 Mark)

As a CWM you are required to calculate the tax liability of an individual whose Taxable income is:

* $ 142700 in US dollars and he is a US citizen (married Individual Filing Joint returns and Surviving Spouses)

* $ 67250 in SGD and he is a citizen of Singapore

A27735 USD and 5716.25 SGD

B28460.50 USD and 15680 SGD

C24580.50 USD and 16100 SGD

D26480 USD and 15870 SGD

Show Suggested Answer

Suggested Answer: D

by Ahmed at Nov 14, 2024, 07:39 PM

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Latricia

9 days ago

Ugh, taxes. Why can't they just make it simple, like 'pay this much and be done with it'?

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Roselle

10 days ago

Haha, I bet the person who wrote this question is a real tax wizard. Let's see if I can outsmart them!

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Craig

11 days ago

Wait, are we supposed to be using the US tax rates or the Singapore tax rates? I'm a little confused about that.

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Hassie

12 days ago

Hmm, this looks like a tricky one. I'll need to double-check my tax calculations to make sure I get the right answer.

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Catina

14 days ago

I'm not sure, but I think the answer might be C) 24580.50 USD and 16100 SGD. I need to double-check the tax brackets for US citizens.

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Shawnda

15 days ago

I agree with Glenna, because the tax rates for married individuals filing joint returns are usually lower.

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Glenna

20 days ago

I think the answer is A) 27735 USD and 5716.25 SGD.

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