How To Find Out How Much To Pay Taxes

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How To Find Out How Much To Pay Taxes
How To Find Out How Much To Pay Taxes

Video: How To Find Out How Much To Pay Taxes

Video: How To Find Out How Much To Pay Taxes
Video: How To Calculate Federal Income Taxes - Social Security & Medicare Included 2024, March
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Calculating your taxes is easy. To do this, you need to know the type of tax that is levied on your income, its rate applicable to your case and the size of the taxable base, as it is customary to call the amount from which the tax is calculated. With these initial data, simple arithmetic comes to the rescue.

How to find out how much to pay taxes
How to find out how much to pay taxes

It is necessary

  • - Tax Code of the Russian Federation;
  • - the amount subject to tax;
  • - tax rate;
  • - calculator.

Instructions

Step 1

The tax code of the Russian Federation will help you figure out what tax and at what rate you have to pay. For individuals, in most cases, personal income tax (PIT) is applied at a rate of 13%. Certain types of income taxed by this tax at a different rate are limited and listed in the relevant articles of the Tax Code of the Russian Federation.

Step 2

The tax base in most cases is the total amount of income for a certain period of time or for that from a particular source. But in some, if the taxpayer can document his expenses, his net income minus these expenses. If a tax deduction is due, then its amount is deducted from the tax base. The specifics of applying each deduction are spelled out in Chapter 23 of the Tax Code of the Russian Federation.

Step 3

With the tax base, you need to divide the available amount by one hundred. And the one that turned out as a result - multiplied by the tax rate, which is levied on this income.

For example, to calculate personal income tax at a rate of 13% - at 13.

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