Tax question

[Acetone]

Quick answer is : NO

 

[harbinger255]

Don't quite understand. Because below $8K,。exact amount of cash top up for maximum allowable relief so is it a dollar for a dollar, tax waival?

Tax relief refers to a deduction in assessable income, not a deduction from your tax payable

For illustration, you earn $5000, pay $500 in income tax. You got a tax relief of $500, it means you pay taxes for $5000 - 500 = $4500.... which might mean a $450 income tax....

Come on leh... this is something you should know even while in secondary school

 

[grevq80o]

If I need to pay $200 tax, I VC SA/MA $200, means tax waival?

$1 for $1 voluntary contribution = tax waival?

garbage question get garbage answer

 

[mynickname]

If I need to pay $200 tax, I VC SA/MA $200, means tax waival?

$1 for $1 voluntary contribution = tax waival?

Tax relief =/= tax payable.

 

[ceestudent]

You can go Iras office and bang table there. They will give tax waival for you.

 

[Askonforum]

So now assuming we reach the tax payable part, is it a dollar VC MA/SA for a dollar waival?

* tax payable part

 

[harbinger255]

So now assuming we reach the tax payable part, is it a dollar VC MA/SA for a dollar waival?

Now you are just being deliberately obtuse....

I wonder who got pbanned recently and found this sleeper account....

 

[rizhal]

No sure why TS keep using “waiver”.

it is not an IRAS term for personal income tax.

 

[Atilas]

So now assuming we reach the tax payable part, is it a dollar VC MA/SA for a dollar waival?

* tax payable part

How many times do you want us to tell you it is a "no"?

Are you waiting for the odd guy who would come here and tell you a "yes"?

 

[Askonforum]

No sure why TS keep using “waiver”.

it is not an IRAS term for personal income tax.

Ok a dollar VC SA/MA for a dollar tax payable to be offset

 

[Sen Sen]

Wow.... Forum still attracting si ginnas in??

We should teach & educate the kids here as someone who jiak more salts than them?

 

[rizhal]

Ok a dollar VC SA/MA for a dollar tax payable to be offset

Post #22 explains well enough.
Please spend 5 minutes reading it.

 

[harbinger255]

We should teach & educate the kids here as someone who jiak more salts than them?

A quick check into post history includes posts asking what to buy for 16yo niece and nephews..... Just another troll lah

 

[Askonforum]

I am not asking about tax calculation of assessable and chargeable income.

I am asking about tax payable amount for VC MA/SA for waival. Is this a dollar VC MA/SA for a dollar waived

 

[rosschang]

Tax RELIEF != Tax REBATE

iz gross vs net.

 

[Ubi-Warrior]

Tax relief refers to a deduction in assessable income, not a deduction from your tax payable

For illustration, you earn $5000, pay $500 in income tax. You got a tax relief of $500, it means you pay taxes for $5000 - 500 = $4500.... which might mean a $450 income tax....

Come on leh... this is something you should know even while in secondary school

You wonder why floodgates open?

 

[matchy]

can ask properly bo?

 

[rizhal]

I am not asking about tax calculation of assessable and chargeable income.

I am asking about tax payable amount for VC MA/SA for waival. Is this a dollar VC MA/SA for a dollar waived

You did a VC on MA/SA cool.

This will reduce your taxable income by the amount VC.

Don’t use wavier, you create confusion.

 

[Askonforum]

You did a VC on MA/SA cool.

This will reduce your taxable income by the amount VC.

Don’t use wavier, you create confusion.

How much is the reduction for $200 tax payable?

 

[rizhal]

How much is the reduction for $200 tax payable?

If you billed $200 tax, you are in the 3.5% bracket. You chargeable income will be around $30,000 per annum. You want to do VC (Subject to prevailing quantum) with an amount to bring chargeable income to $30,000.

Seek professional assistance if you want.

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	- 3.50	200 350