Hi,
I was just researching and trying to find the equivalent of a Singapore base salary. I was trying to convert the after tax or cash in hand compensation in Singapore to the same in the US dollars and then add all the tax deductions to reach a ballpark of the equivalent US Salary. I will state my analysis and assumptions below. I request anyone from the US to kindly validate this:
Assuming a 5k SGD per month after tax (4 to 5%) salary would be equivalent to a 4k USD per month after tax salary. (1 SGD = 0.8 USD).
Now, assuming a single guy is living in new york and earning an annual salary of 70k USD, he will have to pay the following tax deductions:
Federal Tax 18.40%
Social Security 6.20%
Medicare 1.45%
New York 5.33%
SDI 0.04%
Estimate1
Monthly Pay 5833.33
Federal Tax 1073.23
Social Security 361.67
Medicare 84.58
New York 310.7
SDI 2.6
1832.78
After Tax 4000.55
Hence, a US per annum salary for a single guy in new york city would be 70k to get a 4k after tax per month in hand.
Hence, a 62,700 SGD annual salary is equivalent to a 70,000 USD annual salary (for a single guy living in new york city) after employing the respective taxes and the conversion factors.
I know, I have calculated the right amount of tax on the Singapore salary but I am not sure of my tax calculations on the US salary. Could someone who has had an experience with the US salary validate this?