To help our Salary.sg readers get ready for paying income tax, here’s our income tax calculator for this year (YA2014). 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 you are a resident and your chargeable income is $100k, your tax rate is only 5.65%.
To see more of such posts, please Like our Facebook page: