The income tax system is designed to be progressive, which means the wealthy are meant to pay a larger percentage of their earnings than middle- or low-income earners. Income taxes paid by individuals make up the federal government's single largest revenue source. There are also other trust funds, like the Highway Trust Fund, which comes from gasoline taxes. Your employer also must pay taxes for you for Social Security and Medicare. Payroll taxes are taken out of your paycheck before you get it, and might appear on your paystub as FICA, SS, SOCSEC or other names (for Social Security). Payroll taxes are set aside for Medicare and Social Security. A trust fund is an amount of money that is set aside for a specific purpose and cannot be spent on anything else. Interest Costs and Loan Expenses was positioned above the Overall Budget Surplus/Deficit in the Fiscal Position Table.Personal income taxes and corporate income taxes become federal funds, which cover almost all federal spending programs. It is different from the Debt Servicing and Related Costs presented in the Expenditure Estimates and Annex to Expenditure Estimates for Head Y. It excludes principal repayment and transfer of loan discount to Development Fund. SINGA Interest Costs and Loan Expenses include the annual effective interest costs (which is computed based on the yield to maturity multiplied by the face value of the bond) and other ancillary loan expenses incurred in connection with the SINGA.Consists of Community Silver Trust Fund, Public Transport Fund and Cultural Matching Fund.Consists of Medical Endowment Fund, ElderCare Fund, and Community Care Endowment Fund.The mandate of the National Productivity Fund will be expanded in FY2023 to include investment promotion.Surplus / Deficit before Top-ups to Endowment and Trust Funds, Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure and SINGA Interest Costs and Loan Expenses.Groups, Productivity and Innovation Credit, Rental Support Scheme, Wage Credit Scheme, Cash Grant to Mitigate Rental Costs, Cash Rebate for School Buses. Other transfers in FY2023 include GST Voucher Special Payment, Top-ups to Edusave and Post-Secondary Education Accounts, Top-ups to Child Development Accounts, CPF Transition Offset, CPF MediSave Top-ups, Jobs Support Scheme, Top-ups to self-help.
Special Transfers including Top-ups to Endowment and Trust Funds.Surplus / Deficit before Special Transfers (including Top-ups to Endowment and Trust Funds), Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure, and SINGA Interest Costs and Loan Expenses.From 1 August 2022 onwards, the Development Charge has been replaced by the Land Betterment Charge. Prior to 1 August 2022, Other Taxes include the Foreign Worker Levy, Water Conservation Tax, Development Charge and Annual Tonnage Tax.To reduce annual volatility, Statutory Boards’ Contributions (SBC) from MAS in a given financial year are calculated as the average of “Contribution to Consolidated Fund” reported in MAS’ financial statements for the preceding.Negative figures are shown in parentheses. Note: Due to rounding, figures may not add up. SINGA INTEREST COSTS AND LOAN EXPENSES 10 Trust Fund for the Employment Credit SchemesĬAPITALISATION OF NATIONALLY SIGNIFICANT INFRASTRUCTUREĭEPRECIATION OF NATIONALLY SIGNIFICANT INFRASTRUCTURE Special Transfers Excluding Top-ups to Endowment and Trust Funds Fees and Charges (Excluding Vehicle Quota Premiums)
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