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SINGAPORE TAX FACTS 2016 Individual Tax INCOME TAX RATES YA 2016 YA 2017 Band (SGD) Rate (%) Band (SGD) Rate (%) Band (SGD) Rate (%) Band (SGD) Rate (%) 0 20,000 0.0 120,001 160,000 15.0 0 20,000
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01
Step 1: Gather all necessary documents such as W-2 forms, 1099 forms, and receipts for tax deductions.
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Step 2: Determine your filing status (single, married, head of household, etc.).
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Step 3: Calculate your total income by adding up all sources of income.
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Step 4: Determine your deductions and credits, such as mortgage interest, student loan interest, and child tax credits.
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Step 5: Fill out the appropriate tax forms, such as Form 1040 or Form 1040EZ.
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Step 6: Double-check all information for accuracy and completeness.
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Step 7: Sign and date the tax form.
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Step 8: Send the completed tax form to the appropriate tax agency.
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Step 9: Keep a copy of your tax return and all supporting documents for your records.
Who needs individual tax - kpmg?
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Individuals who earn income through employment or self-employment need to file individual tax returns.
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Anyone who meets the income threshold set by the government needs to file individual tax returns.
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Individuals who have received taxable income from sources such as dividends, interest, or rental properties need to file individual tax returns.
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Parents who want to claim tax benefits such as the child tax credit or the earned income credit need to file individual tax returns.
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