[Update: the 2009 version of this post is here: Income Tax Calculator 2009.]
[Update: the 2008 version of this post is here: Income Tax Calculator 2008.]
We have all filed our tax returns. But we’re not sure how much tax we’ll be paying.
Here’s an income tax calculator for this year (YA2007). Just enter your chargeable income (assessable income minus all applicable reliefs):
The above calculator is based on information from Inland Revenue Authority of Singapore (IRAS).
Even though the maximum individual tax rate is 20%, most of us will be charged at a (much) lower rate due to the progressive tax structure. For example, if your chargeable income is $100k, your tax rate is only 7.1%. The graph below shows effective tax rate against chargeable income: