Singapore Salary Calculator

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Singapore Annual Take Home Salary Calculator

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What is the Income Tax in Singapore?

In Singapore, the income tax is known as the Personal Income Tax. The tax rates for resident individuals in Singapore are progressive, with higher rates applied to higher income brackets. The tax rates and income brackets are as follows for the Year of Assessment 2022 (applicable to income earned in the calendar year 2021):

0% for the first S$20,000 of chargeable income
2% for chargeable income between S$20,001 and S$30,000
3.5% for chargeable income between S$30,001 and S$40,000
7% for chargeable income between S$40,001 and S$80,000
11.5% for chargeable income between S$80,001 and S$120,000
15% for chargeable income above S$120,000

How is the income tax calculated in Singapore?

In Singapore, the income tax is calculated based on the progressive tax rates and the concept of chargeable income. The steps to calculate income tax in Singapore are as follows:

Determine the Total Income: This includes all income earned in Singapore, such as employment income, rental income, business income, and other taxable gains.
Calculate Chargeable Income: Deduct any allowable deductions, such as employment expenses, business expenses, and certain tax reliefs, from the total income. The resulting amount is the chargeable income.
Apply the Tax Rates: The chargeable income is subject to progressive tax rates. Apply the respective tax rates to the chargeable income based on the income tax brackets provided by the Inland Revenue Authority of Singapore (IRAS).
Calculate Tax Payable: Multiply the chargeable income by the applicable tax rate and deduct any applicable tax reliefs. The resulting amount is the income tax payable.

What is the Employee CPF Rate in Singapore?

The employee’s Central Provident Fund (CPF) contribution rate in Singapore depends on the individual’s age. The CPF contribution rates for employees are as follows:

Employees below 55 years old:

Ordinary Wages: 20% (includes 17% for Ordinary Account and 3% for Special Account)
Additional Wages: 17% (includes 13% for Ordinary Account and 4% for Special Account)

Employees aged 55 to 60:

Ordinary Wages: 13% (includes 9% for Ordinary Account and 4% for Special Account)
Additional Wages: 9% (includes 7.5% for Ordinary Account and 1.5% for Special Account)

Employees aged 60 to 65:

Ordinary Wages: 9% (includes 7.5% for Ordinary Account and 1.5% for Special Account)
Additional Wages: 7.5% (includes 5% for Ordinary Account and 2.5% for Special Account)

Employees above 65:

Ordinary Wages: 7.5% (includes 5% for Ordinary Account and 2.5% for Special Account)
Additional Wages: 5% (includes 3.5% for Ordinary Account and 1.5% for Special Account)

What is the Employer CPF Rate in Singapore?

The employer’s Central Provident Fund (CPF) contribution rate in Singapore is calculated based on the employee’s wages. The CPF contribution rates for employers are as follows:

Employees below 55 years old: