How much is the tax to pay?

How much more is required to pay tax? Detailed explanation of the latest individual tax thresholds and tax rates in 2024

With the adjustment of personal income tax policies in 2024, many taxpayers are concerned about the issue of "how much tax should be paid." This article will combine hot topics across the Internet to provide you with a detailed explanation of the latest individual tax thresholds, tax rate tables and related tax policies.

1. Personal tax threshold and tax rate table in 2024

According to the latest Personal Income Tax Law, the threshold for comprehensive personal income tax for Chinese residents is 5,000 yuan per month, that is, the annual income below 60,000 yuan is exempt from personal income tax. The tax payable will be calculated based on the excess progressive tax rate for the portion exceeding the threshold.

2. Examples of tax calculations for different income groups

1. Monthly income 8,000 yuan (annual income 96,000 yuan): Taxable income = 96,000 - 60,000 = 36,000 yuan Tax payable = 36,000 × 3% = 1,080 yuan

2. Monthly income 15,000 yuan (annual income 180,000 yuan): Taxable income = 180,000 - 60,000 = 120,000 yuan Tax payable = 120,000 × 10% - 2,520 = 9,480 yuan

3. Tax-related topics that have been hotly discussed on the Internet recently

1.Adjustments to the tax calculation method for year-end bonuses: Starting from 2024, the year-end bonus will be fully integrated into the comprehensive income tax calculation and will no longer enjoy separate tax calculation benefits.

2.Special additional deduction standards increased: Special additional deduction standards for children’s education, continuing education, serious illness medical treatment, housing loan interest, housing rent, and supporting the elderly have all been increased to varying degrees.

3.Personal pension tax benefits: Personal pension account contributions can enjoy a pre-tax deduction limit of 12,000 yuan per year.

4. How to reasonably and legally reduce personal tax burden

1.Make full use of special additional deductions: Declare all eligible deduction items in a timely manner.

2.Properly plan your income structure: Diversify sources of income within the legal scope and avoid concentration in high tax ranges.

3.Make good use of tax incentives: Such as personal pensions, commercial health insurance and other tax preferential channels.

4.Pay attention to local tax incentives: Some regions have additional tax incentives for specific industries or talents.

5. Frequently Asked Questions

1.Q: How is tax calculated on part-time income?Answer: Part-time income is income from labor remuneration, which is withheld and paid in advance on a case-by-case basis, and is included in the final settlement of comprehensive income at the end of the year.

2.Q: Do I need to pay tax on stock investment income?Answer: Income from stock transfers is temporarily exempt from personal income tax, but income from dividends is taxed at a tax rate of 20%.

3.Question: How do individual industrial and commercial households calculate taxes?Answer: The five-level excess progressive tax rate of 5%-35% is applicable to the production and operation income of individual industrial and commercial households.

4.Q: How do foreigners calculate taxes?Answer: Foreigners who have resided in China for more than 183 days are required to pay tax on their global income, and those who have resided in China for less than 183 days are subject to tax only on their domestic income.

Through the detailed interpretation of this article, I believe you will have a clearer understanding of the issue of "how much tax is required to be paid". Reasonable tax planning can not only reduce the burden, but is also the obligation of every citizen. It is recommended that taxpayers continue to pay attention to changes in tax policies and consult professional tax advisors when necessary.