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Individual tax reconciliation starts in March. Should you calculate your tax refund or supplement?

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Beginning in March 2020, you may need to pay an additional tax, or you may receive a tax refund, because the settlement and settlement of the comprehensive income of individual taxes in 2019 will begin.

On December 31, 2019, the State Administration of Taxation formally issued the "Announcement on Handling the Settlement of Individual Income Tax Comprehensive Income in 2019", and the taxpayer's processing time for 2019 is from March 1, 2020 to June 30, 2020. day.

Individual tax information map. Photo by China Press Agency reporter Yin Liqin

What is annual accounting?

In simple terms, "consolidate annual income, calculate taxes on an annual basis," and then refund more and make up less.

After the reform of the individual tax, the calculation method of the individual tax has changed, that is, the four incomes of wages, salaries, manuscripts, royalties and royalties are combined into "comprehensive income", and the annual tax should be calculated on a "year" basis. .

Usually, when you get these 4 items of income, the payer (that is, the withholding agent) withholds the tax on a monthly or monthly basis. At the end of the year, you need to aggregate the annual income and deductible expenses obtained by the above 4 items. After deducting expenses and deducting income, a comprehensive income tax rate table of 3% -45% is applied to calculate the individual payable for the year. Income tax, minus the tax that has been paid in advance for the year, apply for annual tax declaration to the tax authorities and settle the tax refund or repayment. This process is the settlement and payment.

The specific calculation formula is as follows:

Tax rebate or payable in the year of 2019 = [(Comprehensive income amount-RMB 60,000-special deductions such as "three insurances and one fund"-special additional deductions such as child education-other deductions determined by law-donations) × applicable tax rate- Quick calculation deductions)-2019 tax prepaid

For example: a taxpayer receives a salary of 10,000 yuan in January, and an individual pays 2,000 yuan for "three insurances and one fund". Assuming no special additional deductions, a tax of 90 yuan is prepaid; other monthly salary of 4,000 yuan, no prepayment is required Pay a tax. Looking at the whole year, because the taxpayer's annual income is less than 60,000 yuan, no tax is required, so the pre-paid 90 yuan tax can be applied for refund.

Individual tax information map. Photo by Li Jinlei

Who does not need to apply?

First, taxpayers need to pay taxes in their annual accounts but their annual comprehensive income does not exceed RMB 120,000;

Second, the taxpayer's annual tax repayment amount must not exceed 400 yuan;

Third, the taxpayer's prepaid tax amount is consistent with the annual taxable amount or does not apply for annual tax refund.

Who needs to handle annual accounts?

There are two types of tax refunds and supplements.

One type is the taxpayer whose prepaid tax amount is higher than the taxable amount and needs to apply for tax refund. As long as the taxpayer has prepaid taxes due to insufficient deductions or undeclared deductions, the taxpayer can apply for a tax refund regardless of the level of income and the amount of the tax refund.

There are some typical situations in practice that will or may result in tax refunds, mainly as follows:

1. The annual income of comprehensive income in 2019 is less than 60,000 yuan, but the personal income tax has been paid in advance;

2. In 2019, there are special additional deductions that meet the conditions for enjoyment, but no deductions are declared when paying the tax in advance;

Example: A taxpayer has a monthly salary of 10,000 yuan and personally pays 2,000 yuan for “three insurances and one fund”. Two children who are in elementary school can enjoy 2,000 yuan (24,000 yuan per year) for their children's education. Additional deductions. However, because it was not reported in the prepayment period, the special additional deduction for children's education was not deducted in the calculation of taxes, and a tax of 1080 yuan was paid in advance throughout the year. After filling in the relevant information during the annual reconciliation, it can deduct an additional 24,000 yuan. After deduction, it should pay a tax of 360 yuan a year. According to regulations, it can apply for a tax refund of 720 yuan.

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