ok, I read alittle more on CPF Cash Top Up. I decided this doesnt really fully work for me if I want to use it to reduce tax payable. In a good way, I am happy to be in this situation.
- Maximum Annual Total CPF Contribution Limit is $37,740.
Ordinary wage ceiling is now $6,800. Which means annual mandatory contribution is 37%
$6,80012=$30,192
- Additional Wage Ceiling = $102,000
Deducting away the annual OW (12*$6,800), it will be $20,400. I would like to think my bonus this year would be at least $25,000. So what this means is $20,400 of my bonus will be subjected to CPF contribution which will bring my total annual mandatory contribution to the max of $37,740. Cannot work for me.
- Basic Healthcare Sum of $71,500.
So apparently this is the max for the year. Any additional amount will go into the SA. My MA will be max by the end of the year....
