The income of an individual is taxed. This is known to every citizen. However, not everyone is aware that part of the funds can be returned back, and also not all is taxable. How much is tax free? In each case, different numbers are taken. It all depends on what operation the citizen made, as well as how much. However, traditionally income is taxed at a rate of thirteen percent. But you can get benefits, which will be useful for everyone to know.
Revenues. What may be taxed
The income of an individual is, in the broad sense of the word, money or other material values, minus the expenses incurred by the citizen. There is such a thing as income tax. This is a certain amount of deduction that a citizen pays to the state.
The following types of taxable income include:
- Income from the sale of any property that has been in the ownership of a citizen for less than three years.
- Incomes at the main place of work and from work on combination and part-time employment.
- From leasing your property to other persons.
- Wins of various kinds, including lottery.
- Other income of a citizen of the country.
Non-taxable income
The list of income from which a citizen does not pay taxes includes:
- Income from the sale of property that has been in use for more than three years.
- Income received by inheritance law.
- Income from property that has been issued as a gift from one of the family members.
Tax rates: thirteen to thirty-five
The tax on the amount is paid as a percentage. Each type of activity has its own rate. It is on it that the tax amount is calculated directly.
So, the most common rate of thirteen percent is applied to the following types of income:
- Salary and other accruals related to the labor activity of an individual.
- Revenues from the sale of property of various types.
A rate of fifteen percent is applied to withholding taxes on income derived from dividends of an organization located in Russia.
A tax rate of thirty percent applies to labor or other activities that generate income in respect of non-residents of the country. The maximum rate of 35 percent is applied in cases where a citizen received a win.
Wage. How is taxed?
Everyone knows that with the income received from labor activity, it is supposed to pay taxes. How much salary is not taxed? There may be several options:
- Receiving financial assistance.
- Availability of tax deductions.
- Compensation payments.
In all of the above cases, the employee has the right to maintain a certain amount, which is not taxed.
In other cases, the employee's salary is subject to taxation at a rate of thirteen percent.
Material help. Are taxes taken
Material assistance, as mentioned above, is paid in full, without any deductions in favor of the state. How much is not taxed per year? Material assistance is not taxed until its cumulative total for the year reaches four thousand rubles. This is described in the Tax Code. This includes payments that the company makes under the collective agreement or other internal documents of the employer.
That is, if an employee received material assistance in the amount of five thousand rubles, then he must pay only 130 rubles, that is, the tax is taken from only one thousand. In a situation where an employee received other material assistance during the year, for example, in the total amount of thousands of rubles, and then another four were issued to him, in this case one out of four thousand will also be taxed.
However, it is worth noting that some material assistance is not taxed at all, for example, on the burial of an employee. The same is with the amount that is issued for the birth of a child. How much is tax free in this case? At least fifty thousand rubles, but per child. That is, the amounts given to both parents are taken into account.
Tax deductions for children and for themselves
There is such a thing as tax deductions. How much is tax free? Children have their own deductions. Depending on which account the child is, the parent brings up one, whether he has a disability, and the amount may vary. In the general case, the first child under the age of eighteen brought up in a complete family saves the parent 182 rubles a month, which helps to get about two thousand a year “on hand”. To obtain a deduction, it is necessary to provide a number of documents to the accounting department, for example, a child’s birth certificate.
However, there are limits. So, the cumulative income for the year should not exceed 350 thousand rubles. So, if a parent receives thirty-five thousand, then by the tenth month he will lose the right to this benefit.
Employee tax deductions are less common. They can be used by combatants, as well as persons with disabilities of the first and second groups. For example, the latter are entitled to a deduction of five hundred rubles. This means that they save 65 rubles a month. The amount is not large enough, but in general also helps to save money.
Compensation Payments
What amount is not subject to income tax in employee accruals? This may include compensatory payments. For example, if an employee underwent a medical examination, as he was employed in hazardous work, then the amount is returned to him in full, excluding taxes.
The same goes for maternity benefits. A woman receives her maternity allowance, lump-sum allowance, as well as the so-called “vacation pay” when making leave to care for her child in its pure form. Payments to the tax service from these amounts are not made.
The situation is similar with payments to reduce the employee. Compensation for several months when the employee is on the labor exchange is not taxed.
Buying and selling a car. Subtleties
The amount that is not taxed during employment is understandable. However, sometimes a citizen has the opportunity to purchase or sell property, for example, a car. Here there are some nuances associated with the tax service.
For example, the buyer of the car does not receive any profit, on the contrary, he spends his money. In this case, he does not have to pay any taxes for the purchase. However, if a used car, then both parties to the transaction must pay the transport tax. After a year, each party must pay the amount for the period during which she owned the car.
The seller of the vehicle, in turn, receives income. Therefore, he must submit a declaration no later than April 30 of the year following the year the transaction was completed. The rate in this case is used, as well as on income from labor activity, that is, in the amount of thirteen percent.
How much is tax deductible when selling a car? Indeed, there are subtleties that help to save on the sale of a vehicle. So, transactions with a car whose value is less than 250 thousand rubles are not taxed. In the event that the car is more expensive, this amount of money is deducted from the amount, and the tax is removed from the balance.
As mentioned above, a vehicle that has been in use for more than three years is not taxed at all. The same applies to a car that is being sold at a loss, that is, it was bought for an amount greater than that received from the sale. In principle, it becomes clear how much is not taxed when selling a car. In the general case, 250 thousand.
Buying and selling real estate
How much is not taxed when buying or selling an apartment? It all depends on who the citizen is, the buyer or seller.
When selling an apartment that has been owned for more than three years, you should contact the tax authorities with a statement. This will help to avoid paying taxes at all for the seller. How much is the sale tax otherwise? The tax is levied on amounts that exceed the amount of one million rubles.
The buyer of the property has every right to receive a tax deduction from the amount of two million rubles. To do this, he also needs to contact the tax office. After submitting the declaration, he can choose two options: receive the amount directly from the tax or reduce his taxes at the main place of work. However, the amount of return for the year may not exceed the amount of tax paid at the main place of work. That is, if a citizen pays taxes for the year in the amount of ten thousand rubles, then only this amount will be returned to him.
Knowing the rules of taxation helps save money. That is why it is best for a citizen to consult the Tax Code before buying or selling. Also, the employee must be aware of his rights, requiring the employer to exercise them. To do this, you need to familiarize yourself with the possibility of obtaining tax deductions, as well as provide all documents to the accounting department. The employee can also independently determine whether he is properly taxed.