~~~~~~~~~~ Super Outdated, for my reference only ~~~~~~~~
(ref: https://www.iras.gov.sg/irashome/Individuals/Locals/Paying-your-taxes-Claiming-refunds/How-to-Read-Your-Tax-Bill/) (ref: https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable--What-is-Not/)
Progress amount | rate | actual tax amount | year income | monthly | total tax |
---|---|---|---|---|---|
20k | 0% | 0 | 20k | 1666 | 0 |
+10k | 2% | 200 SGD | 30k | 2.5k | 200 |
+10k | 3.5% | 350 SGD | 40k | 3.3K | 550 |
7% | 50k | 4.1k | 550+700=1250 | ||
7% | 60k | 5k | 550+1400 = 1950 | ||
7% | 70k | 5.8k | 550+2100 = 2650 | ||
+40k | 7% | 2800 SGD | 80k | 6.6k | 3.3K |
11.5% | 90k | 7.5k | 3350+1150 = 4500 | ||
11.5% | 100k | 8.3k | 4500+1150 = 5650 | ||
11.5% | 110k | 9.1k | 5650+1150 = 6800 | ||
+40k | 11.5% | 4600 SGD | 120k | 10k | 8k |
+40k | 15% | 6000 SGD | 160k | 13k | 14k |
+40k | 17% | 6800 SGD | 200k | 16k | 20K |
+120k | 18% | 21.6K SGD | 320k | 26k | 42k |
extra | 20% |
(ref: https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Income-Tax-Rates/)
Python code for calculation
tdata = [(20000, 0),(10000, 0.02),(10000,0.035),(40000,0.07),(40000,0.115),(40000,0.15),(40000,0.18),(40000,0.19),(40000,0.195),(40000,0.20),(320000,22)] total = 7000*12 rest=total t=0 for i,data in enumerate(tdata): print(rest) if rest<data[0]: t+=rest*data[1] print(rest*data[1]) rest=0 break else: t+=data[0]*data[1] print(data[0]*data[1]) rest = rest - data[0] print(t)
Common Reliefs
Additional Reliefs
Additional Rebate
(Rebate is like one-time credit, it can be used to actually pay the final tax bill, unlike relief, as relief can repeatably help you reduce each year's tax calculation.)
What is Auto-Inclusion Scheme
Answer