Quick Answer
Keep one steady share of every invoice for income tax and self-employed MediSave. In this example, a S$4,000 invoice with S$200 of costs means setting aside about S$423, or 11.1%. That share comes from a yearly bill of S$6,680 on S$60,000 of expected profit. It is a rough estimate, not your final bill.
The Useful Number: In this example, a S$4,000 invoice with S$200 of costs means setting aside about S$423: 11.1% of its profit (the invoice minus costs).
Why Keep A Tax Pot At All?
No one takes tax off a freelancer’s pay. Income tax on this year’s profit is billed next year, and compulsory self-employed MediSave comes after your tax notice. A tax pot is a separate account for that money, filled as each invoice is paid.
Tax is charged on profit: invoices minus allowable business costs.
How Much Does Priya Keep From A S$4,000 Invoice?
Priya is a 29-year-old freelance designer with no salaried job, making about S$5,000 profit a month, or S$60,000 a year. Income tax after S$1,000 Earned Income Relief is S$1,880, and self-employed MediSave at 8% is S$4,800: a yearly bill of S$6,680. After S$14,300 of profit this year, her pot should hold S$1,592.
The same 11.1% applies to every invoice, so the pot grows evenly even though the first S$20,000 of income is taxed at 0%.
- Expected Profit For The Year: S$60,000
- Income Tax After Earned Income Relief: S$1,880
- Self-Employed MediSave At 8%: S$4,800
- Yearly Bill: S$6,680
- Share Of Each Invoice’s Profit To Keep: 11.1%
- Kept From A S$4,000 Invoice With S$200 Of Costs: S$423
Data as of . Source: IRAS — individual income-tax rates; IRAS — Earned Income Relief; CPF Board — 2026 MediSave rates for self-employed persons.
Try Your Numbers
Your Yearly Tax And MediSave Bill
Assumes no salaried job and no MediSave paid yet this year. Add your invoices in the full calculator to see what to keep from each one.
Yearly Bill: Tax Plus MediSave
S$6,680
- Income Tax
- S$1,880
- Self-Employed MediSave
- S$4,800
Rough estimate. See the full tool for assumptions.
What If I Also Have A Salaried Job?
Choose Yes and enter your job income after reliefs. Your freelance profit is then taxed on top of your pay, so it lands in a higher band. MediSave on the freelance profit still applies once it is above S$6,000 a year.
Enter any self-employed MediSave paid this year: it gets full tax relief. The tool uses resident rates before rebates and does not cover GST, other reliefs or platform earnings reported by a platform operator.
Where Do My Invoices Go?
Nowhere. Your invoice list stays in your browser on this device, and result links leave it out. Members can choose to save a private snapshot to My Plans. For a single yearly estimate, use the Side-Hustle Tax guide.
Quick Check
Three statements from this guide. Tap True or False to check what you have read. Nothing is saved.
Card 1 Of 3
A client takes income tax off a freelancer’s pay.
Why? Card 1 Of 3
Income tax on this year’s profit is billed next year, and self-employed MediSave comes after your tax notice. A tax pot keeps that money aside as each invoice is paid.
Card 2 Of 3
In the example, Priya keeps 11.1% of every invoice’s profit.
Why? Card 2 Of 3
From a S$4,000 invoice with S$200 of costs, that is about S$423. The share stays the same even though the first S$20,000 of income is taxed at 0%.
Card 3 Of 3
Self-employed MediSave applies whatever your freelance profit.
Why? Card 3 Of 3
That holds even if you also have a salaried job. Your freelance profit is then taxed on top of your pay, so it lands in a higher band.
Your Score
Try It With Your Numbers
Open the calculator with this guide’s example filled in. Then change the numbers to match your situation.
Open Freelancer Tax Pot →Frequently Asked Questions
Why Not Just Keep A Round Share Of Every Invoice?
Your share depends on your yearly profit, your age and any salaried job.
In the example it is 11.1%. A job can push your freelance profit into a higher band, so the share rises.
When Are The Tax And MediSave Bills Due?
Income tax on this year’s profit is billed next year, after you file.
Compulsory MediSave for the self-employed comes after your tax notice. Keep the pot until both bills are paid.
Are My Invoices Sent Anywhere?
No.
Your invoice list stays in your browser on this device, and result links leave it out. Members can choose to save a private snapshot to My Plans.
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Sources & Assumptions
- IRAS — Resident Income Tax Rates ↗
- CPF Board — 2026 Self-Employed MediSave Schedule ↗
- IRAS — CPF Relief For Self-Employed ↗
- IRAS — Earned Income Relief ↗
Sources checked 12 October 2026. These are examples only. Check the stated assumptions and limits before you use a result.
Rough estimate of the cash to keep aside, not a tax return or CPF assessment. Rules as of 30 Sep 2026. Check IRAS and CPF Board before you decide.