https://wiki.sg/index.php?action=history&feed=atom&title=Income_Tax_in_Singapore%3A_Calculating_Tax_Payable_%282020%29Income Tax in Singapore: Calculating Tax Payable (2020) - Revision history2026-06-04T06:18:16ZRevision history for this page on the wikiMediaWiki 1.39.2https://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6335&oldid=prevDayana Rizal: Dayana Rizal moved page Income Tax in Singapore: How Much Do You Pay (2020) to Income Tax in Singapore: Calculating Tax Payable (2020)2020-03-24T01:39:02Z<p>Dayana Rizal moved page <a href="/p/Income_Tax_in_Singapore:_How_Much_Do_You_Pay_(2020)" class="mw-redirect" title="Income Tax in Singapore: How Much Do You Pay (2020)">Income Tax in Singapore: How Much Do You Pay (2020)</a> to <a href="/p/Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)" title="Income Tax in Singapore: Calculating Tax Payable (2020)">Income Tax in Singapore: Calculating Tax Payable (2020)</a></p>
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</td></tr></table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6334&oldid=prevDayana Rizal: /* Examples of Income Tax Calculation */2020-03-24T01:35:18Z<p><span dir="auto"><span class="autocomment">Examples of Income Tax Calculation</span></span></p>
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<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Examples of Income Tax Calculation==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Examples of Income Tax Calculation==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The following case studies will illustrate how income tax is calculated.</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The following case studies will illustrate how income tax is calculated.</div></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>===<del style="font-weight: bold; text-decoration: none;">Case Study </del>1===</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>===<ins style="font-weight: bold; text-decoration: none;">Example </ins>1===</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Mr Thio is a 29-year-old Singaporean Citizen who earned '''<u>$50,750</u>''' in 2019. He had also qualified for '''<u>$15,250</u>''' worth of tax reliefs. His chargeable income and tax payable are as follows.</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Mr Thio is a 29-year-old Singaporean Citizen who earned '''<u>$50,750</u>''' in 2019. He had also qualified for '''<u>$15,250</u>''' worth of tax reliefs. His chargeable income and tax payable are as follows.</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{| class="wikitable"</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{| class="wikitable"</div></td></tr>
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<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>| colspan="2" |'''$392.50'''</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>| colspan="2" |'''$392.50'''</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>|}Before tax reliefs, Mr Thio would have had to pay '''<u>$1,302.50</u>''' ($550 + $752.50). He saved '''<u>$910</u>''' from qualifying for various tax relief schemes.</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>|}Before tax reliefs, Mr Thio would have had to pay '''<u>$1,302.50</u>''' ($550 + $752.50). He saved '''<u>$910</u>''' from qualifying for various tax relief schemes.</div></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>===<del style="font-weight: bold; text-decoration: none;">Case Study </del>2===</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>===<ins style="font-weight: bold; text-decoration: none;">Example </ins>2===</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Mdm Afiqah is a 63-year-old Singaporean Citizen who earned '''<u>$250,000</u>''' in 2019. She had also qualified for '''<u>$15,900</u>''' worth of tax reliefs. Her chargeable income and tax payable are as follows.</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Mdm Afiqah is a 63-year-old Singaporean Citizen who earned '''<u>$250,000</u>''' in 2019. She had also qualified for '''<u>$15,900</u>''' worth of tax reliefs. Her chargeable income and tax payable are as follows.</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{| class="wikitable"</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>{| class="wikitable"</div></td></tr>
</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6288&oldid=prevDayana Rizal at 08:32, 20 March 20202020-03-20T08:32:31Z<p></p>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div> </div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"><blockquote></ins>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. Part Three explains how to calculate your <ins style="font-weight: bold; text-decoration: none;">[[Income Tax Reliefs for CPF (2020)|</ins>CPF Reliefs<ins style="font-weight: bold; text-decoration: none;">]]</ins>.</<ins style="font-weight: bold; text-decoration: none;">blockquote</ins>>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div> </div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. Part Three explains how to calculate your CPF Reliefs.</div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><<del style="font-weight: bold; text-decoration: none;">br </del>/>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td></tr>
</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6286&oldid=prevDayana Rizal at 08:31, 20 March 20202020-03-20T08:31:41Z<p></p>
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<td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 16:31, 20 March 2020</td>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><del style="font-weight: bold; text-decoration: none;"><blockquote></del>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. Part Three explains how to calculate your CPF Reliefs.</<del style="font-weight: bold; text-decoration: none;">blockquote</del>>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. Part Three explains how to calculate your CPF Reliefs.</div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><<ins style="font-weight: bold; text-decoration: none;">br </ins>/>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td></tr>
</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6284&oldid=prevDayana Rizal at 08:27, 20 March 20202020-03-20T08:27:25Z<p></p>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div> </div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"><blockquote></ins>This entry is one of <ins style="font-weight: bold; text-decoration: none;">three </ins>'''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. <ins style="font-weight: bold; text-decoration: none;">Part Three explains how to calculate your CPF Reliefs.</ins></<ins style="font-weight: bold; text-decoration: none;">blockquote</ins>>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div> </div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>This entry is one of <del style="font-weight: bold; text-decoration: none;">two </del>'''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay.</div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><<del style="font-weight: bold; text-decoration: none;">br </del>/>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td></tr>
</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6283&oldid=prevDayana Rizal at 08:26, 20 March 20202020-03-20T08:26:50Z<p></p>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><del style="font-weight: bold; text-decoration: none;"><blockquote></del>This entry is one of two '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay.</<del style="font-weight: bold; text-decoration: none;">blockquote</del>>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>This entry is one of two '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay.</div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><<ins style="font-weight: bold; text-decoration: none;">br </ins>/>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td></tr>
</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6269&oldid=prevDayana Rizal at 11:04, 19 March 20202020-03-19T11:04:15Z<p></p>
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</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6268&oldid=prevDayana Rizal at 10:38, 19 March 20202020-03-19T10:38:34Z<p></p>
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</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6267&oldid=prevDayana Rizal at 10:37, 19 March 20202020-03-19T10:37:34Z<p></p>
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</table>Dayana Rizalhttps://wiki.sg/index.php?title=Income_Tax_in_Singapore:_Calculating_Tax_Payable_(2020)&diff=6266&oldid=prevDayana Rizal at 10:37, 19 March 20202020-03-19T10:37:11Z<p></p>
<table style="background-color: #fff; color: #202122;" data-mw="interface">
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<td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 18:37, 19 March 2020</td>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><blockquote>This entry is one of two '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay.</blockquote<del style="font-weight: bold; text-decoration: none;">><br /</del>>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><blockquote>This entry is one of two '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay.</blockquote>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==Calculating Income Tax==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>Annual tax filing is compulsory for tax residents earning an annual income of '''<u>S$22,000 or more</u>'''. If an individual earns less than S$22,000 a year, they are exempted from paying income tax.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Learning-the-basics/Individuals-Required-to-Pay-Income-Tax/ Individuals Exempted from Paying Tax]”. ''IRAS.'' Accessed on 10 March 2020.</ref></div></td></tr>
<tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l196">Line 196:</td>
<td colspan="2" class="diff-lineno">Line 196:</td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==References / Citations==</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>==References / Citations==</div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div><br /></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div><br /></div></td></tr>
<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div><del style="font-weight: bold; text-decoration: none;">[[Category:Adulting Guides]]</del></div></td><td colspan="2" class="diff-side-added"></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div><references /></div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div><references /></div></td></tr>
</table>Dayana Rizal