Example 4
Appendix E(3) (cont'd)
- Annual earnings of $120,000 (i.e. $10,000 per month)
Single with two dependent
Married with no
Single
parents
children
Married with two children
Married with two children
and two dependent parents
($)
($)
($)
($)
($)
Salary per annum
120,000 120,000
120,000
120,000
120,000
Less: Personal allowance
29,000
29,000
60,000
60,000
60,000
Additional allowance (subject to 10%
clawback)
5,000
5,000
5,000
91,000
91,000
55,000
55,000
55,000
Less Child allowance
Dependent parent allowance
19,000
19,000
18,000
1
18,000
Net chargeable income
91,000
73,000
55,000
36,000
18,000
====
Tax payable thereon
16,250
11,750
7,500
3,900
1,300
===
==
Effective rate
13.5%
9.8%
6.3%
3.3%
82
1
1.1%
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