What amount is not taxed: the subtleties of taxation

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

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 not everything is subject to taxation. What amount is tax-free? In each case, different numbers are taken. It all depends on what operation the citizen performed, and also for what amount. Traditionally, however, income is taxed at a rate of thirteen percent. But you can also receive benefits, which will be useful for everyone to know about.

Income. 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:

• Proceeds from the sale of any property that has been owned by a citizen for less than three years.
• Income at the main place of work and from work in combination and part-time.
• From renting out your property to others.
• Various winnings, including lottery ones.
• Other incomecitizen of the country.

Income that is not subject to taxation

The list of income from which a citizen does not pay taxes includes:

• Proceeds from the sale of property that has been in use for more than three years.
• Income received by inheritance.
• Income from property that was donated by a family member.

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.

Thus, the most common rate of thirteen percent applies to the following types of income:

• Salary and other accruals related to the labor activity of an individual.
• Income from the sale of various types of property.

A fifteen percent rate is applied to withhold taxes on income received from dividends of an organization located in Russia.

A tax rate of thirty percent applies to labor or other income-generating activities for non-residents of the country. The maximum rate of 35 percent is applied in cases where a citizen has received a win.

Salary. How is it taxed?

Everyone knows that with income received from work,are supposed to pay taxes. What salary is tax-free? There may be several options here:

• Getting financial assistance.
• Availability of tax deductions.
• Compensation payments.

In all of the above cases, the employee has the right to keep a certain amount, from which tax is not taken.

In other cases, the employee's wages are subject to taxation at the rate of thirteen percent.

Material assistance. Do taxes apply

Material assistance, as mentioned above, is paid in full, without any deductions in favor of the state. How much is tax-free 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 in accordance with the collective agreement or other internal documents of the employer.

That is, if an employee received financial 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 financial assistance during the year, for example, in the total amount of a thousand rubles, and then four more were issued to him, then in this case one out of four thousand will also be taxed.

However, it is worth noting that some financial assistance is not taxed at all, for example, for the burial of an employee. The same is true for the amountissued for the birth of a child. What amount is not taxed in this case? Not less than fifty thousand rubles, but based on one child. That is, the amounts given to both parents are taken into account.

Tax deductions for children and yourself

There is such a thing as tax deductions. What amount is tax-free? There are deductions for children. Depending on how the child is in the account, his parent is raising him alone, whether he has a disability, the amounts may also change. In general, 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 "in hand". To receive a deduction, you must provide a number of documents to the accounting department, for example, a birth certificate of a child.

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.

Tax deductions per employee are less common. They can be used by combatants, as well as disabled people of the first and second groups. For example, the latter are en titled to a deduction of five hundred rubles. This means that they save 65 rubles per month. The amount is not large enough, but in general it also helps to save money.

Compensation payments

How much is not subject to income tax in the employee's accruals? This includes paymentscompensatory nature. For example, if an employee underwent a medical examination, as he got a job in hazardous production, then the amount is returned to him in full, excluding taxes.

The same goes for maternity benefits. A woman receives her maternity allowance, a lump-sum allowance, as well as the so-called “holiday pay” when taking leave to care for her child in its pure form. Deductions to the tax service from these amounts are not made.

A similar situation with payments for the reduction of an employee. Compensation for several months when the employee is at the labor exchange is not taxed.

Buying and selling a car. Subtleties

What amount is not taxed when working, understandable. However, sometimes a citizen has the opportunity to purchase or sell property, for example, a car. There are some nuances associated with the tax service.

For example, the buyer of a car does not receive any profit, on the contrary, he spends his money. In this case, he does not have to pay any taxes on the purchase. However, if the car is used, then both parties to the transaction must pay the transport tax. At the end of the year, each party must pay the amount for the period during which they owned the car.

The seller of the vehicle, in turn, receives income. Therefore, he must submit a declaration no later than the thirtieth of April of the year following the year of the transaction. Rate in this caseused as for income from employment, that is, in the amount of thirteen percent.

How much is taxed when selling a car? Indeed, there are subtleties that help save on the sale of a vehicle. So, transactions with a car, the cost of which is less than 250 thousand rubles, are not taxed. In the event that the car costs more, this amount of funds 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 sold at a loss, that is, it was bought for an amount greater than received during the sale. In principle, it becomes clear how much the sale of a car is not taxed. In the general case - 250 thousand.

Buying and selling real estate

How much is tax-free when buying or selling an apartment? It all depends on who the citizen is, the buyer or the seller.

When selling an apartment that has been owned for more than three years, you should apply to the tax authorities with a statement. This will help to avoid paying taxes in general for the seller. What amount is not taxed on the sale otherwise? The tax is levied on the amount that exceeds the amount of one million rubles.

The buyer of the same 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 taxinspection. After submitting the declaration, he can choose two options: to receive the amount directly from the tax office or to reduce his taxes at his main place of work. However, the amount of the refund for the year cannot exceed the amount of tax paid at the main place of his 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 to save money. That is why it is best for a citizen to refer to the Tax Code before buying or selling. Also, the employee must be aware of his rights, requiring the employer to fulfill 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 calculate whether he is being taxed correctly.