The release of the new tax dividend in China is imminent. From October 1st, the “starting point†for personal income tax and salary income will be adjusted from 3,500 yuan to 5,000 yuan. At the same time, the third rate of 3%, 10% and 20% will be adjusted. The level of the distance will also expand.
After October 1st, how is the tax calculated? What is the tax reduction effect of different income groups? How many bonuses are there in the future? The "Economic Information Daily" reporter interviewed a number of industry insiders.
How to calculate a tax from October 1?
During the period from October 1 to December 31, 2018, the actual income and salary income of the taxpayer shall be deducted according to the basic deduction of 5,000 yuan/month, and the new tax rate table shall apply.
For example, Mr. Li is an employee of a company, and his salary and salary income is 15,000 yuan/month (after deducting “three insurances and one goldâ€). Suppose Mr. Li has no other deductible items. When the enterprise pays wages and salaries for Mr. Li in September 2018 and October 2018, the formula for calculating the personal income tax payable shall be:
Taxable income = wages, salary income (deducted "three insurances and one gold") - basic deductions
Personal income tax deductible = taxable income × applicable tax rate - quick deduction
The salary will be paid in September, and the taxable income will be 15000-3500=11500 (yuan). The income will be applied to the original tax rate of 25% and the quick deduction of 1005. The personal income tax should be withheld = 11500×25%-1005=1870 (yuan).
Wages will be paid in October, and the taxable income will be 15000-5000=10000 (yuan). The income will be applied to the new tax rate of 10% and the quick deduction of 210. The personal income tax should be withheld = 10000×10%-210=790 (yuan). 1870-790=1080 (yuan). It can be seen from the above calculation that after applying the new basic deduction standard and the tax rate table, Mr. Li reduced the tax by 1080 yuan.
Individual income tax rate table applicable to wages and salaries
The income from the production and operation of individual industrial and commercial households obtained by taxpayers and the income from contracted operation and lease operation of enterprises and institutions shall be deducted according to the deduction of 5,000 yuan/month, and the new income tax rate table shall apply:
Individual income tax rate applicable to the production and operation income of individual industrial and commercial households and the income from contracted and leased operations of enterprises and institutions
What is the tax reduction effect of different income groups?
Specifically, the two key measures implemented after October 1 will enable taxpayers to enjoy the tax cuts to varying degrees. First, raise the “levy point†and increase the “levy point†from 3,500 yuan to 5,000 yuan. This means that some taxpayers can save a tax or pay less. The second is to adjust the tax rate and expand the three-level tax rate of 3%, 10% and 20%. That is to say, the monthly income of more than 5,000 yuan can not only improve the "starting point", but also superimpose the low tax rate. With the merger, the tax cuts are more obvious.
On the whole, the middle-income income group has the most benefit, only the basic deduction of the fee standard is raised to 5,000 yuan per month. According to the industry experts, the monthly income after deducting “three insurances and one gold†is 6000 yuan. Taxpayers of 9,000 yuan and 15,000 yuan can reduce taxes by 115 yuan, 355 yuan and 1080 yuan respectively, and the tax reduction ratios are 79.3%, 65.1% and 57.8% respectively.
More dividends for future taxes
It is worth noting that there are more dividends to be expected in the future tax reform. The new tax law has newly set up deductions for children's education, continuing education, major medical care, housing loan interest or housing rent, and support for the elderly. Taxpayers can also further reduce or exempt individual taxes through special deductions.
The four labor incomes of wages and salaries, labor remuneration, remuneration and royalties are included in the tax rate of the year, which solves the problem of unfair and unreasonable taxation under the current classification tax system. Taxpayer's income level and affordability.
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