Singapore Freelancer & Self-Employed Medisave & Income Tax Calculator
Calculate compulsory CPF Medisave contributions and IRAS personal income tax for Singapore self-employed persons, sole proprietors, and freelancers, including the 15% fixed expense ratio option.
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Calculation Methodology & Statutory Rules
1.
Net Trade Income (NTI) = Gross Trade Revenue - Max(Actual Allowable Expenses, Gross Revenue * 15% if using prescribed ratio).
2.
Compulsory Medisave Requirement: Self-Employed Persons (SEPs) earning NTI > S$6,000/year must contribute to CPF Medisave.
3.
Medisave Contribution Rates (Tiered by NTI level, capped at Medisave ceiling NTI S$72,000): - Age <35: 4% to 8% of NTI (Max S$5,760/yr).
- Age 35-44: 4.5% to 9.5% of NTI (Max S$6,840/yr).
- Age 45-49: 5% to 10% of NTI (Max S$7,200/yr).
- Age 50+: 5.5% to 10.5% of NTI (Max S$7,560/yr).
4.
Medisave Tax Relief: Mandatory Medisave contributions made by self-employed individuals are 100% tax-deductible against Personal Income Tax.
5.
Total Taxable Income = NTI + Other Employment Income - Medisave Contribution - Voluntary SRS (max $15,300 SC/PR) - Earned Income Relief ($1,000-$8,000).
6.
IRAS Personal Income Tax is computed via progressive tax bands (0% to 24%) minus 50% Personal Income Tax Rebate (capped at $200).
Frequently Asked Questions
Q1.What are the CPF contribution rates and Ordinary Wage (OW) ceilings in Singapore for 2025/2026?
For Singapore Citizens and 3rd-year PRs aged 55 and below, the total mandatory CPF contribution is 37% (20% employee + 17% employer) on monthly Ordinary Wages up to the statutory ceiling of S$8,000. Annual Additional Wages (bonuses) are capped separately by the statutory AW ceiling formula.
Q2.How does IRAS Personal Income Tax progression work in Singapore?
Singapore operates one of the most competitive progressive tax structures globally. The first S$20,000 of chargeable income is taxed at 0%, with marginal tax brackets progressing from 2% up to 24% for chargeable income exceeding S$1,000,000. Foreign-sourced income received in Singapore is generally tax-exempt, and there is no capital gains tax or dividend tax.
Q3.How does the Start-Up Tax Exemption (SUTE) scheme reduce corporate tax in Singapore?
Qualifying new Singapore companies enjoy 75% tax exemption on the first S$100,000 of normal chargeable income, and 50% exemption on the next S$100,000 for their first 3 consecutive Years of Assessment (YAs), capping effective corporate tax on the first S$200,000 at ~4.25% to 8.5%.
Disclaimer: Results are estimates based on standard tax rules for the 2026 tax year and are provided for informational purposes only. Individual circumstances (deductions, credits, specific state/local rules) may significantly affect your actual tax liability. Always consult a qualified tax professional or accountant for advice specific to your situation.