How much income tax do you pay ? ...

last SG · 2007-12-08T15:08:31+00:00

I wish the US would do that. At least it's not like here in the States, where the govt takes your money first and you get a refund later. IF you do the math...

Fatum SG

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 ? ... Confused

I know it's a sensitive topic lah ... but just hint hint here and there ...

I-like-flings(m) SG

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?? Laughing

but in sg u pay alot more indirect tax... it's worst than income tax lor.. Evil or Very Mad

the Bear SG

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 Razz

Fatum SG

well ... 7% GST is still low compared to the 14% I was paying before ... Confused

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 ...

elindra SG

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

JerryYan SG

Few years never pay income tax liao Embarassed

Fatum SG

omigod ! .... only 8.5% ?!?!?!?! ..... Shocked Shocked Shocked Shocked Shocked

AAHHHHHHH !!!!! ...... Mad Mad Mad Mad Mad

elindra SG

\

Paiseh to say that I just learnt I'm paying this amount too
I always remembered it as less than 10% Laughing

Fatum SG

that's still 30 percentage points less than what I paid ! ... Shocked

omigod .... Shocked

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 .... Confused

I'm still in shock ....

elindra SG

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% Laughing

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

elindra SG

If you don't drive you don't pay a lot of indirect tax
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 Laughing

Parka SG

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.

charlize SG

I think if your salary is below 24K in Singapore, you most likely won't have to pay tax?

No? Laughing

spencer99 SG

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.

jetta SG

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.

jetta SG

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.

the Bear SG

the US taxes are spent in destroying the world Razz

Rhonda SG

I read the title of this thread, I had to take a big gulp! Razz

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!! Laughing

tare SG

income tax???? WAT income tax?? Twisted Evil Laughing

okie i've just reveal how MUCH i earn... excuse me while i go Crying or Very sad

SevenEleven SG

Shocked does that mean you have alot of shares that pays you dividend and you can claim for the tax paid by company before dividend?