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Income tax - what is it, what is its rate, how is it calculated?

Income tax – what is it, what is its rate, how is it calculated?

Income tax is a material benefit that must be paid to the state budget. There are several ways to calculate the tax, and therefore owners often get lost in their correct calculations. How is income tax calculated? What are the methods of taxation?

Income tax is a mandatory payment to the state authority. The material benefit is paid by a natural person (PIT) and a legal person (CIT). The basic form of settlement is the income received, i.e. income (material benefit) excluding the costs of obtaining this income (expenses to obtain the reward).

How much is income tax? The income tax rate depends on the form of taxes, deductions used, advances, and the amount of gross income. The following thresholds must be mentioned:

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