What is the formula for calculating personal income tax_Introduction to the formula for calculating personal income tax refund

The calculation formula of personal income tax has always been a headache for many taxpayers. Today, PHP editor Xinyi brings you a detailed introduction to the personal income tax calculation formula and tax refund calculation formula. Understanding these formulas can not only help you accurately calculate the tax payable, but also seize tax refund opportunities and reduce your tax burden to the greatest extent. Below, let’s dive into the secrets of these formulas.

1. Personal income tax rate table:

2. Personal income tax content:

Wage and salary income refers to personal income due to employment or Wages, salaries, bonuses, year-end bonuses, labor dividends, allowances, subsidies and other income related to employment or employment.

Income from production and operations of individual industrial and commercial households.

Income from contracted operations and leasing operations of enterprises and institutions.

There are also interest, dividends, dividend income, income from property rental, income from property transfer, incidental income and other income.

3. Personal income tax calculation formula:

Personal income tax = taxable income X tax rate.

Taxable income = monthly income - threshold - special deductions - special additional deductions - other deductions determined in accordance with the law.

Threshold: The threshold was adjusted in 2018 and will remain at 5,000 yuan until 2022.

Special deductions: refer to expenses such as children’s education, continuing education, medical treatment for serious illnesses, housing loan interest or housing rent, and supporting the elderly.

For example: the total salary income this month is 10,000 yuan, and there is still 7,500 yuan after deducting various expenses, then this month’s personal income tax = taxable income (7500-5000) * tax rate 3% = 75 yuan . (Since the taxable income is 7500-5000=2500 and does not exceed 3000 yuan, the level is level 1 and the tax rate is 3%)

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