How to calculate the new tax deduction standard

Up to now, China's personal income tax has adopted a comprehensive income tax rate table and an excessive progressive tax rate structure, and at the same time, according to the provisions of the new tax law, a threshold and a special deduction system have been implemented.

* * Threshold * *:

From 20 19 10, the threshold of personal income tax in China was adjusted to RMB 5,000 per month.

* * Special deduction * *:

In the new individual income tax law, besides the threshold of 5,000 yuan, taxpayers can also enjoy the following special deductions:

-Children's education

-Continuing education

Housing loan interest

Housing rent

-Support for the elderly

* * Steps for calculating individual income tax * *:

1. Calculate taxable income:

Taxable income = pre-tax income-threshold (5000 yuan)-special additional deduction-special additional deduction-other deductions determined according to law.

2. The application of tax rate table to calculate tax:

According to the taxable income, find the corresponding tax rate and deduct it quickly.

Current personal income tax rate table (comprehensive income):

| Taxable income | Tax rate (%) | Quick deduction |

| - | - | - | - |

| 1| Not exceeding 36,000 yuan |3|0

|2|3600 1- 144000 yuan | 10|2520

| 3 |144001-300,000 yuan |20| 16920

|4|30000 1-420000 yuan |25|3 1920

|5|42000 1-660000 yuan |30|52920

|6|66000 1-960000 yuan |35|85920

| 7 | more than 960,000 yuan |45| 18 1920

3. Calculate the tax payable:

Taxable amount = taxable income × corresponding tax rate-quick deduction.

Please note that the specific amount and conditions of special additional deduction shall be implemented in accordance with the relevant provisions of the state and may change, so you need to consult the latest laws and regulations when calculating personal income tax. In addition, the tax law may be updated, please refer to the latest tax law and policy. For accurate calculation, please consult a professional tax consultant or use the official tax calculator.

I hope the above content can help you. Please consult a professional lawyer if you have any other questions.

Legal basis: Article 2 of the Individual Income Tax Law of People's Republic of China (PRC).

The following personal income shall be subject to personal income tax:

(1) Income from wages and salaries;

(2) Income from remuneration for labor services;

(3) Income from remuneration;

(4) Income from royalties;

(5) Operating income;

(6) Accidental income.