If your salary is $10 per hour, how much do you actually take home?
By scheng1
@scheng1 (24650)
Singapore
January 15, 2016 9:26am CST
In the context of Singapore, when the salary is $10 per hour, the breakdown in take-home varies according to age and salary range.
We have a compulsory individual pension scheme, and the normal contribution is 20% from workers, and bosses have to contribute 17%.
The contribution rate will reduce as a person gets older.
For a normal person, that means the actual take-home pay is $8 per hour if the salary is $10 per hour.
There is a very small amount contributed to self-help group monthly.
We have an option to opt out. This self-help group will use the money to help the poor and provided subsidized training to those in need of skill upgrading.
Our income tax is paid a year later, and since 67% of the working adults do not have to pay anything, that is not a big budgeting problem.
2 people like this
2 responses
@TiarasOceanView (70035)
• United States
15 Jan 16
This is how it is here:
Social Security and Medicare Withholding Rates.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.Dec 30, 2015.
So it is much lower here.
1 person likes this
@TiarasOceanView (70035)
• United States
17 Jan 16
@scheng1 Oh yes we do have both the taxes as well, but that is the federal system of having a retirement Scheng.
@Mike197602 (15487)
• United Kingdom
15 Jan 16
Here we've various tax allowances.
I don't get any so my tax is pretty easy to work out but i'll do the average UK wage as I don't have a job but pay tax on savings and some investments which is too hard to show.
Average UK wage is £26,500 which is around $38,000.
That's based on a 37.5 hour working week.
Works out at £13.59 per hour.
After tax and no allowances you would take home £21,107.20 which is £10.82 per hour.
You'd pay a basic total of £5,392.80 in tax and national insurance.
So your salary deductions for the year would be $7689.05
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