How much income tax do you pay ? ...
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Putting it here cos such a topic anywhere else would turn into an SC type thread ...
Was wondering about this cos I was talking to an auntie of mine over breakfast this morning ... this auntie works accounts for companies and help prepare tax filings for people in singapore as well ... when i showed her my canadian tax filings she nearly had a heart attack ....
it's something I never asked my parents before ... but my auntie says that after deductions and rebates, many people she knows doesn't even pay taxes in Singapore, or pay only pay a couple or three Ks at the most on an average income ....
how true is that ? ...
I know it's a sensitive topic lah ... but just hint hint here and there ... -
when i was in sg.. i never pay income tax too.... but does that mean sg tax is low?? or actually sg salary is low??
but in sg u pay alot more indirect tax... it's worst than income tax lor..
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go rant at SC...
we pay fricken low tax compared to most countries..
i'll go find out about the income tax when i get home.. coz my bank book and the other thingies are at home
Originally posted by I-like-flings(m):when i was in sg.. i never pay income tax too.... but does that mean sg tax is low?? or actually sg salary is low??
but in sg u pay alot more indirect tax... it's worst than income tax lor.. -
well ... 7% GST is still low compared to the 14% I was paying before ...
and if, say, on a 60k yearly income, how much tax roughly does one have to pay ? ...
I have never filed a singapore income tax return before ....
on that income I'd have to pay approx 42% taxes ... less basic rebates ... -
Maybe you can refer to this
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
And according to Wiki for Individual Income tax of 60k, the tax rate is 8.5%
http://en.wikipedia.org/wiki/Individual_income_tax_in_Singapore -
Few years never pay income tax liao
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omigod ! .... only 8.5% ?!?!?!?! .....Originally posted by elindra:Maybe you can refer to this
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
And according to Wiki for Individual Income tax of 60k, the tax rate is 8.5%
http://en.wikipedia.org/wiki/Individual_income_tax_in_Singapore
AAHHHHHHH !!!!! ......
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\Originally posted by Fatum:omigod ! .... only 8.5% ?!?!?!?! .....
AAHHHHHHH !!!!! ......
Paiseh to say that I just learnt I'm paying this amount too
I always remembered it as less than 10% -
that's still 30 percentage points less than what I paid ! ...Originally posted by elindra:\
Paiseh to say that I just learnt I'm paying this amount too
I always remembered it as less than 10%
omigod ....
when people in pluto asked me about the taxes in singapore I anyhow hamtam'ed a figure and said around 15% and I made some people spew their beers ....
I'm still in shock .... -
You should write to them and said that you grossly over-estimated the tax rates the last time and it is really only 8.5%Originally posted by Fatum:that's still 30 percentage points less than what I paid ! ...
omigod ....
when people in pluto asked me about the taxes in singapore I anyhow hamtam'ed a figure and said around 15% and I made some people spew their beers ....
I'm still in shock ....
That is why Bear and I always tell ppl in SC that if they want more handouts from the government, don't whine if the income tax increases.
Also there are Income tax reliefs for having more children etc etc
So if you are eligible for the reliefs, you really pay less -
If you don't drive you don't pay a lot of indirect taxOriginally posted by I-like-flings(m):when i was in sg.. i never pay income tax too.... but does that mean sg tax is low?? or actually sg salary is low??
but in sg u pay alot more indirect tax... it's worst than income tax lor..
In a way it is 'fair' coz the rich or only the ones who can afford it is paying the ERP charges ma
Or if you wanna pay indirect tax to Singapore pools it is also your choice
No one is asking you to buy 4D
I don't buy 4D and I don't drive so no indirect tax from these 2 biggest avenues -
Income tax rate in Singapore is low.
When I first paid mine, I was shocked at how low it was. That's how low it was. -
I think if your salary is below 24K in Singapore, you most likely won't have to pay tax?
No? -
I am a singaporean working in the US....
My income is slightly more then USD100k. However, i pay more then 30% in taxes...
approx breakdown of the tax rates right now:
Federal Income approx Tax 22%
California state tax approx 6%
Social Security tax approx 4%
therefore, one year, i pay USD30k worth of taxes easily... that translate to about SGD45k.... which is only slightly less then what i earn in TOTAL in singapore...
when i singapore, i only pays like SGD2k+ in taxes per year....
I don't think the US people really understand how much they are paying in taxes... and actually, they are not that much "higher income" then singaporeans.
And seriously, i don't know where the $$ go also. -
Before I left, I worked for 10 years in Singapore and have never had to pay a single cent. Here, we pay, pay and pay.
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Hey spencer99, are you registered under Singaporeans Overseas? Where in CA are you at? I'm in So Cal. VSE is in LA and arapahoe is in the Inland Empire.Originally posted by spencer99:I am a singaporean working in the US....
My income is slightly more then USD100k. However, i pay more then 30% in taxes...
approx breakdown of the tax rates right now:
Federal Income approx Tax 22%
California state tax approx 6%
Social Security tax approx 4%
therefore, one year, i pay USD30k worth of taxes easily... that translate to about SGD45k.... which is only slightly less then what i earn in TOTAL in singapore...
when i singapore, i only pays like SGD2k+ in taxes per year....
I don't think the US people really understand how much they are paying in taxes... and actually, they are not that much "higher income" then singaporeans.
And seriously, i don't know where the $$ go also. -
the US taxes are spent in destroying the worldOriginally posted by spencer99:I am a singaporean working in the US....
My income is slightly more then USD100k. However, i pay more then 30% in taxes...
approx breakdown of the tax rates right now:
Federal Income approx Tax 22%
California state tax approx 6%
Social Security tax approx 4%
therefore, one year, i pay USD30k worth of taxes easily... that translate to about SGD45k.... which is only slightly less then what i earn in TOTAL in singapore...
when i singapore, i only pays like SGD2k+ in taxes per year....
I don't think the US people really understand how much they are paying in taxes... and actually, they are not that much "higher income" then singaporeans.
And seriously, i don't know where the $$ go also. -
I read the title of this thread, I had to take a big gulp!
I try not to think about it, so I can only give a ballpark figure. I think my taxes last year was something like... A$20-30K? Thereabouts...
Like I said, I blank myself out and try not to SEE the figure because if I do, I'll start to do stuff like question the meaning of life, and I don't wanna go there!! -
income tax???? WAT income tax??
okie i've just reveal how MUCH i earn... excuse me while i go
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Originally posted by tare:income tax???? WAT income tax??
okie i've just reveal how MUCH i earn... excuse me while i go does that mean you have alot of shares that pays you dividend and you can claim for the tax paid by company before dividend? -
too cheem.... wat shares?Originally posted by SevenEleven: does that mean you have alot of shares that pays you dividend and you can claim for the tax paid by company before dividend? -
shares pay dividends..
those are from profits made after tax paid..
so if they tax you for your dividends, they're taxing you twice.. so they have to refund that money they tax you for those dividends..Originally posted by tare:too cheem.... wat shares? -
Speaking of taxes, I recently received my Proposed Property Tax for 2008 statement in the mail. My property tax will be going down by.... $3 next year!!!
Woohoo! That's one additional Happy Meal I can afford in 2008!
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$3!!! Let's pop the champange!!Originally posted by Meia Gisborn:Speaking of taxes, I recently received my Proposed Property Tax for 2008 statement in the mail. My property tax will be going down by.... $3 next year!!!
Woohoo! That's one additional Happy Meal I can afford in 2008! -
Good thing alcohol is dirt cheap here.Originally posted by elindra:$3!!! Let's pop the champange!!