What is included in the 120,000 personal income tax

Annual income of more than 120,000 yuan refers to the total amount of the following income obtained by the taxpayer in a tax year reaching 120,000 yuan, specifically:

1) Income from wages and salaries: refers to the amount of income from undeducted expenses (3,500 yuan per month) and additional deducted expenses (1,300 yuan per month).

The above-mentioned deduction of expenses refers to the deduction standard in the calculation process of individual income tax on wages and salaries, and people often say that "individual income tax must be paid only if the monthly income is more than 3,500 yuan", which actually refers to this. The additional deduction is mainly applicable to foreign individuals, overseas Chinese, Hong Kong, Macao and Taiwan compatriots, as well as individuals who have a domicile in China and are employed or employed outside China to obtain wages and salaries. In practice, the most common situation is that Chinese employees are deducted 3,500 yuan when calculating individual income tax, while foreign employees are deducted 4,800 yuan (3,500 + 1,300 = 4,800).

2) Income from production and operation of individual industrial and commercial households: calculated according to the annual taxable income.

3) Income from contracted and leased operations of enterprises and institutions: calculated according to the total income of each tax year.

4) Income from remuneration for labor services, author's remuneration and royalties: all refer to the amount of income without deducting statutory fees (800 yuan or 20% of each income).

5) Income from property lease: refers to the amount of income that has not deducted statutory expenses (800 yuan per time or 20% of each income) and repair costs.

6) Income from property transfer: calculated according to the taxable income, that is, calculated according to the balance of the income from the transfer of property after deducting the original value of the property and the taxes and related reasonable expenses paid in the process of transferring the property.

7) Income from interest, dividends, bonuses, incidental income and other income: calculated according to the full amount of income.

The above-mentioned "income" is the income actually obtained by the taxpayer during the period from January 1 to December 31 of the current year, regardless of the time of the income obtained, such as repayment in previous years, advance payment in the next year, etc. Income from the year of advance payment in previous years and the year of repayment in subsequent years shall not be included in the income of the current year.

In accordance with the provisions of the state, the basic endowment insurance premiums, basic medical insurance premiums, unemployment insurance premiums and housing provident fund paid by units for individuals and individuals shall be deducted from the taxable income of taxpayers.

1) Income from wages and salaries;

2) Income from production and operation of individual industrial and commercial households;

3) Income from contracted and leased operations of enterprises and institutions;

4) Income from remuneration for labor services;

5) Income from author's remuneration;

6) Royalty income;

7) Income from interest, dividends and bonuses;

8) Income from property lease;

9) Income from the transfer of property;

10) Incidental gains;

11) Other income determined to be taxed by the financial department.

All income from the 11 tax items of individual income tax needs to be included and declared together.

It refers to the policy of Beijing's points settlement. 1. One understanding is that the monthly tax payment should reach 100,000 yuan 128334 yuan, that is to say, your salary after deducting five insurances and one housing fund should reach 11,834 yuan, and the monthly individual income tax should be about 1,112 yuan. 2. However, some people say that the monthly individual income tax should reach 100,000 yuan 128334 yuan, and the average monthly salary should reach about 40,500 yuan after deducting the five insurances and one housing fund.

The first algorithm is an average of 100,000 tax payable per year; The second is to pay an average of 100,000 yuan per year, according to your own situation. The meaning of the personal income tax payment of 100,000 yuan is as described above. Business income is the taxable income based on the balance of the total income of each tax year after deducting costs, expenses and losses.

If the income from property lease does not exceed 4,000 yuan each time, the expenses shall be deducted 800 yuan; If the amount is more than 4,000 yuan, 20% of the expenses will be deducted, and the balance shall be the taxable income. The income from the transfer of property shall be the income from the transfer of property after deducting the original value of the property and reasonable expenses, which shall be the income of Fengkai tax. Interest, dividends, bonuses and incidental income are taxable on the basis of the amount of each income.

Income from remuneration for labor services, author's remuneration and royalties shall be the balance of the income after deducting 20% of the expenses.

Legal basis: Article 6 of the Individual Income Tax Law of the People's Republic of China Calculation of taxable income: (1) The comprehensive income of a resident individual shall be the balance of the income of each tax year after deducting expenses of 60,000 yuan and special deductions, special additional deductions and other deductions determined in accordance with the law.

2) The income from wages and salaries of non-resident individuals shall be the taxable income after deducting the monthly income of 5,000 yuan; Income from remuneration for labor services, author's remuneration and royalties shall be taxable income based on the amount of each income.

Legal analysis: The calculation method of individual income tax is as follows: taxable income, salary income, various social insurance premiums, and the threshold (5,000 yuan). Tax Payable Taxable Income x Tax Rate Quick Deduction.

Article 1 of the notice of the Ministry of Finance and the State Administration of Taxation on the application of individual income tax deduction fees and tax rates in the fourth quarter of 2018 stipulates that the deduction of wages and salaries actually obtained by taxpayers after October 1, 2018 (inclusive) shall be uniformly implemented at 5,000 yuan per month, and the tax payable shall be calculated according to Table 1 of the individual income tax rate attached to this notice. For the income from wages and salaries actually obtained by taxpayers before September 30, 2018 (inclusive), the deduction of expenses shall be implemented in accordance with the provisions before the revision of the tax law. The formula for calculating the IIT is:

Tax payable wages and salaries "five insurances and one housing fund" deduction) Applicable tax rate Quick deduction. The individual income tax exemption is 5,000, and the calculation method of using the excess progressive tax rate is as follows: taxable income in the month of tax payment * tax rate - quick deduction; Actual salary, salary, five insurances and one housing fund, tax payment; The taxable income of the whole month should be paid salary - five insurances and one housing fund) - 5000.

Deduction standard: The individual income tax is calculated according to the threshold of 5,000 yuan for monthly travel.

Legal basis: Article 14 of the Individual Income Tax Law of the People's Republic of China The withholding agent shall pay the tax withheld or withheld on a monthly basis or each time to the state treasury within 15 days of the following month, and submit the withholding individual income tax return to the tax authorities.

If a taxpayer handles the final settlement and tax refund, or the withholding agent handles the final settlement and tax refund for the taxpayer, the tax authorities shall handle the tax refund in accordance with the relevant provisions of the state treasury management after examination.

It is a pre-tax tax. According to the document requirements of the State Administration of Taxation's "Measures for Self-declaration of Individual Income Tax", persons with an annual salary of more than 120,000 yuan (deducting tax-exempt income and relevant income allowed to be deducted before tax) need to file tax returns on their own. Annual income of more than 120,000 yuan refers to the total amount of one or more of the following incomes obtained by the taxpayer in a tax year reaches 120,000 yuan:

income from wages and salaries; income from production and operation of individual industrial and commercial households; income from contracted and leased operations of enterprises and institutions; Income from remuneration for labor services; income from author's remuneration; royalty income; income from interest, dividends, bonuses; income from the lease of property; income from the transfer of property; Incidental gains; Other income determined to be taxed by the Ministry of Finance. Individual income tax stipulates three different tax rates according to different tax items: income from wages and salaries, which is subject to 7 levels of progressive excess tax rates, and is calculated and taxed according to the monthly taxable income.

The tax rate is divided into 7 levels according to the taxable income of individual monthly wages and salaries, with the highest level being 45% and the lowest level being 3%. The production and business income of individual industrial and commercial households and the application of 5 levels of progressive tax rate to enterprises and institutions. The annual taxable income of individual industrial and commercial households and the annual taxable income of contracted and leased operations of enterprises and institutions are divided into five levels, with the lowest level being 5% and the highest level being 35%.

Proportional tax rate. Individual income tax shall be levied on a per-instance basis on the income from author's remuneration, remuneration for labor services, royalties, interest, dividends and bonuses, income from property leasing, income from property transfer, incidental income and other income, and a proportional tax rate of 20% shall be applied. Among them, a proportional tax rate of 20% shall be applied to the income from author's remuneration, and a 30% reduction shall be levied according to the tax payable; If the one-time income from labor remuneration is abnormally high, in addition to being taxed at 20%, the part of the taxable income exceeding 20,000 yuan to 50,000 yuan shall be calculated in accordance with the provisions of the tax law and then levied by 50% according to the taxable amount; For the part exceeding 50,000 yuan, an additional 10% will be levied.

The above is a detailed legal explanation of the issue, please read it carefully.