This is a post from the third pulse list the other day.
The original post said:
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The most tax deduction in history, 20,004 before tax, 10,004 in hand, the mentality collapsed. I never expected to deduct so much.
After the online post was issued, it triggered onlookers, reposts and comments from netizens. The author has also moved out some high-praised answers for everyone to see.
The advantages in the system come out, housing subsidy 26%, annuity bilateral 12%, a total of 38%, this part does not pay taxes, saves too much tax, the actual income is not worse than the Internet, cost-effective Internet is far inferior.
I got 25k before tax, 1.7, CPF 12%. This is still under the premise that overtime pay in the first half of the year has triggered a higher tax rate. I don’t believe you can get 1k lower, but you can get 3k less.
Many people don’t understand that our company is a state-owned enterprise with low base salary, high provident fund and high year-end bonus, and the after-tax income is much stronger than the high basic salary. Unfortunately, the result is that everyone values monthly salary when looking for a job.
The salary has not changed, but the personal tax has suddenly increased a lot, what is the reason? Could it be that there is something wrong with the company? Miscalculated?
There is no valuable answer below the answer except for swearing, taking things out of context, and confusing concepts.
The author will answer today’s hot list topic.
To answer this question, the author recommends that you first understand the saying that personal tax is “low before high, gradually increasing”.
Why is this claimed?
Since October 2018, the individual income tax reform has entered a transitional period, the basic deduction of salary income has been adjusted to 5,000 yuan, and a new personal income tax rate table will be applied, the annual tax rate table will be converted monthly, and different tax rates will be applied according to the monthly taxable income.
The law of “low before high, gradually increasing” is because the original monthly tax deduction has been changed to cumulative withholding.
> What is cumulative withholding?
We still use the vernacular, that is, as the salary of our workers increases, the corresponding tax rate goes from low to high. As long as the limit amount is reached, the tax rate will jump, so the personal tax deduction will become higher and higher.
How exactly is it calculated? The author will move the State Administration of Taxation’s personal tax withholding and withholding method to you.
The calculation formula of the cumulative withholding method is:
the amount of withholding tax
payable in the current period = (cumulative withholding taxable income× withholding rate – quick deduction) – cumulative tax reduction amount – cumulative withheld withholding tax
Cumulative withholding and withholding taxable income = cumulative income – cumulative tax-free income – cumulative deduction expenses – cumulative special deduction – cumulative special additional deduction – cumulative other deductions determined according to law
may not be understood by many people, then, the author will take this NetEase netizen as an example, and then let you be clear:
you just jumped into NetEase, your salary is 24,000, From the budget of five insurances and one housing fund, a month is about 3000-5000 yuan, if there is a mortgage and children’s education, you can apply for a “special additional deduction”, according to the current period should withhold the withholding tax formula calculated, a month of tax is between 240-300.
According to the policy before October 2018, the tax payment is about 3,000-5,000 a year.
But we use the new personal income tax rate to calculate the cumulative withholding, that is:
applying the above formula, the salary in the first few months is small, and the cumulative withholding and withholding taxable income is below 36,000 yuan, and the tax rate is only 3%. After half a year, the annual salary enters the second gear, the tax rate becomes 10%, and after 12g months, the annual salary withholding tax of 280,000 reaches the tax rate of 20%.
I don’t know if you understand? This is why many people in the workplace suddenly increase their tax deduction several times.
According to the
cumulative withholding method, under the premise that your monthly salary remains unchanged, most of our employees are withheld according to 3% in the first five months of a new enterprise, and most of the high-paid industries enter the “tax rate jump” period after half a year, so the personal tax will increase exponentially. Although it seems that he pays more taxes, it also means that he earns more.
Of course, salary accrual withholding is one aspect of the increase in personal tax, and another reason is the year-end bonus.
Internet companies, some companies are
accustomed to giving year-end bonuses at the end of the year, but there are also many companies that like to give year-end bonuses in the middle of the next year.
Speaking of the year-end bonus, the author will remind you again. From January 1, 2022, the annual one-time bonus will also be incorporated into the comprehensive income of the current year, and personal income tax will also be calculated and paid.
Relevant policy basis: Cai Shui [2018] No. 164
on the annual one-time bonus, the annual performance salary of the head of the central enterprise deferred cashing income and tenure reward
(1) If a resident individual obtains a one-time bonus for the whole year and complies with the provisions of the Notice of the State Administration of Taxation on Adjusting the Method of Calculating and Collecting Individual Income Tax for Individuals Obtaining Annual One-time Bonuses (Guo Shui Fa [2005] No. 9), before December 31, 2021, the applicable tax rate and quick deduction shall be determined according to the comprehensive income tax rate table after monthly conversion (hereinafter referred to as the monthly tax rate table) attached to this notice , which is calculated separately.
tax
payable = annual one-time bonus income× applicable tax rate – quick deduction resident
individual receives a one-time bonus for the whole year, or can choose to incorporate it into the comprehensive income of the current year to calculate tax.
Starting from January 1, 2022, resident individuals who receive a one-time bonus for the whole year should be incorporated into the comprehensive income of the current year to calculate and pay personal income tax.
Tax payable = one-time bonus income for the whole year× applicable tax rate – quick deduction
Resident individuals receive a one-time bonus for the whole year, and can also choose to incorporate it into the comprehensive income of the current year to calculate tax.
Starting from January 1, 2022, resident individuals who receive a one-time bonus for the whole year should be incorporated into the comprehensive income of the current year to calculate and pay personal income tax.
In other words, there are two ways to calculate individual tax for the year-end bonus obtained this year, namely separate tax calculation and combined taxation. By next year’s revenue, there will only be one way to calculate taxes consolidated.
Source: https://mp.weixin.qq.com/s/dbj6trO-tAUcnDXVSveW0Q
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