. To prepare for these changes and correctly calculate your tax liability, we bring you basic information and related news from 2024.
How to determine the tax base for dependent activity?
Self-employment income tax is calculated based on chinese overseas asia database gross salary . Gross salary includes all income, including bonuses, allowances and remuneration. The first step in calculating the tax is to determine the tax base, which is the part of the gross salary after deducting the non-taxable part of the tax base.
However, this does not happen automatically; the employee must request the annual settlement from his/her employer no later than 15 February after the end of the tax period. In general, the following non-taxable parts of the tax base can be deducted from the tax base in accordance with the provisions of Section 15 of Act No. 586/1992 Coll., on income taxes (hereinafter referred to as the “IIT”):
gratuitous performance (previously referred to as a gift) for public benefit purposes,
free of charge services for medical purposes,
interest on loans to finance housing needs,
contribution to pension insurance or supplementary insurance and private life insurance,
paid membership fees to trade unions,
payments for exams verifying the results of further education.
Personal income tax rate and calculation
The basic income tax rate is 15%. From 1 January 2024, there will digital marketplace: the biggest and cheapest showcase in the world be a change in the income.
Tax credits
Every taxpayer can use the basic tax credit of CZK 30,840 . From January 1, 2024, the tax credit of CZK 24,840 for a spouse with an annual income of less than CZK 68,000 will be available only if the spouse is caring for a child under 3 years of age. .
It is also possible to apply a discount for one child of CZK 15,204 per year, for the second child CZK 22,320 per year and for each additional child CZK 27,840 per year.
Other tax deductions that the ZDP allows include a discount thailand data for 1st and 2nd degree disability of CZK 2,520 and 3rd degree disability of CZK 5,040 and a discount for holders of a ZTP/P card of CZK 16,140 per year. The discount for a spouse of a ZTP/P caring for a child under 3 years old with an income of less than CZK 68,000 is CZK 49,680.
Employer’s obligations towards the tax office
Income tax from dependent activities is due by the 20th day of the following calendar month . The employer must submit the “Employment Income Tax Statement” to the tax administrator no later than 2 months after the end of the calendar year.