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Income tax withheld monthly?

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spaul
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Income tax withheld monthly?

Postby spaul » Sun, 10 Sep 2006 8:15 am

I'm wondering if income tax is withheld monthly from your pay or do you pay in at the end of the year at filling time. I can't find a clear answer. Thanks!

Charlatan
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Postby Charlatan » Sun, 10 Sep 2006 8:32 am

No taxes are taken from my pay. As far as I know it is your responsibility to withhold what you need to and pay it at the end of the year (though I don't think you have to file until the April deadline).

spaul
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Postby spaul » Sun, 10 Sep 2006 8:39 am

Really? That's the first time I heard of a country willing to trust people to save their money and pay taxes on their own accord.

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Postby Strong Eagle » Sun, 10 Sep 2006 8:40 am

You pay in one lump sum.

spaul
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Postby spaul » Sun, 10 Sep 2006 8:49 am

Okay, thanks for the info. Appreciate your quick responses.

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Postby Matney » Sun, 10 Sep 2006 6:08 pm

FYI, my husband just this past week got his bill for 2005, so they are in rush for their money...lol

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Postby spaul » Sun, 10 Sep 2006 8:10 pm

You're joking??! I guess it is good and bad. Good to know they aren't as bad as the IRS in the states.

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Postby riversandlakes » Tue, 12 Sep 2006 4:46 pm

Is it truly 40% there? :o

spaul wrote:You're joking??! I guess it is good and bad. Good to know they aren't as bad as the IRS in the states.
Goatboy will always cherish his former goatgirl.
But the world is full of fluffier ones.

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Postby Strong Eagle » Tue, 12 Sep 2006 5:28 pm

riversandlakes wrote:Is it truly 40% there? :o

spaul wrote:You're joking??! I guess it is good and bad. Good to know they aren't as bad as the IRS in the states.


No... it is a graduated rate... starting at about 15 percent and going to 35 percent... and that's on net income after deductions. For most middle wage earners, the tax ends up being 15 to 20 percent of gross, for higher earners 25 percent of gross.

spaul
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Postby spaul » Tue, 12 Sep 2006 8:17 pm

What is considered middle wage?

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riversandlakes
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Postby riversandlakes » Thu, 14 Sep 2006 11:08 am

I see, hence in terms of percentage it's just about double than in SG and MY?
Goatboy will always cherish his former goatgirl.

But the world is full of fluffier ones.


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