Employment Income minus
Donation X 2.5 times
Tax Relief
Earn income relief if below 55 years old $1000
NS mens (if attend in-camp in the preceding year) $3000
Top up to parents up to $7000
Top up to ownself's SA if below 55 years old up to $7000
CPF relief (Employee portion) 20% x 12 month salary(including bonus if any)
SRS which is a dollar for dollar 13 years scheme with the bank where you put $ in to get tax relief & use the monies to invest.
For those earning median income, just try to make it under 20,000.
No need pay income tax =)
Not that hard with all the generous tax relief
"Chargeable
Income" Rate Gross Tax Payable
$ (%) $
On the first 20,000 0 0
On the next 10,000 2.0 200
On the first 30,000 200
On the next 10,000 3.5 350
On the first 40,000 550
On the next 40,000 7.0 2,800
On the first 80,000 3,350
On the next 40,000 11.5 4,600
On the first 120,000 7,950
On the next 40,000 15 6,000
On the first 160,000 13,950
On the next 40,000 17 6,800
On the first 200,000 20,750
On the next 120,000 18 21,600
On the first 320,000 42,350
Above 320,000 20