Potato Chip Legal Services: What are the net benefits of work and life that aren’t taxable?
At work and in life, we deal with many different incomes, benefits, and subsidies.So what of the money that you get, that you don’t pay taxes on?Find out with the Potato chip Legal Service.Maternity allowance The maternity allowance, medical expenses for childbirth or other allowances and subsidies of the nature of maternity insurance obtained by women who give birth shall be exempted from individual income tax in accordance with the maternity insurance measures formulated by the people’s governments at or above the county level in accordance with the relevant regulations of the State.The five insurances and housing fund, which are drawn by enterprises and individuals in accordance with the proportion set by the national or local government and actually paid to designated institutions, shall be exempted from individual income tax;In case of payment in excess of the proportion set by the state or local government, the excess part shall be incorporated into the individual’s current wage and salary income, and individual income tax shall be calculated and levied.Additional, the enterprise is concerned policy according to the country regulation, for the insurance premium of complement endowment insurance that holds a post in this enterprise or the insurance premium of complement medical treatment that all employee pays, be in respectively the part inside standard of 5% of total worker wages, when calculating should pay tax income forehead is allowed to deduct;The excess shall not be deducted.According to the regulations, the lump sum compensation income (including economic compensation, living allowances and other subsidies) obtained by an individual due to the termination of the labor relationship with the employer shall be exempted from individual income tax if its income is within three times of the average salary of local workers in the previous year.The excess portion shall be calculated and levied individual income tax in accordance with relevant regulations.Welfare funds, pension, and relief pay attention to the subsidies and allowances paid to the staff and workers of the unit from welfare funds and labor union funds for everyone to be taxable.Pension is granted according to the national unified regulation cadre, worker’s settlage allowance, retire allowance, retire salary, retire life allowance can need not pay tax.1. Interest on national bonds and financial bonds issued by the State;2. Insurance indemnity;3. State compensation, other damages, etc.;4. Compensation for demolition and removal obtained by the demolished-removed personnel in accordance with relevant state regulations;5. Military occupation allowance for military cadres, subsidies for difficult areas set up by the army, professional subsidies, post allowance for grass-roots officers (post allowance for battalion, company and platoon leader), food allowance;6. Transfer in the Shanghai and Shenzhen Stock Exchanges the proceeds from the stock transfer of the listed company obtained from the public offering and transfer market of the listed company;7. Dividend income from the stocks of the listed company obtained from the public issue or transfer market and whose holding period exceeds one year;8. Income from the transfer of the house used for self-use for more than 5 years and for the sole family life;9. Donations made by individuals to educational and other public welfare undertakings, areas suffering from serious disasters and poverty-stricken areas through social organizations and state organs within the territory of China do not exceed 30% of the taxable income declared by taxpayers.