January 30, 2023

Brighton Journal

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How is income tax in 2023?

As a result of high inflation, there are a series of changes in income tax as of January 2023, among them, a new floor

to Ian Munoz Pederzoli

01/17/2023 – 06:38 am

Throughout 2022, the Wages increased To mitigate the effect inflammation In this sequence, the government took this factor into account and therefore decided to use a series Changes in Income Tax this 2023.

How is Income Tax 2023?

with Increase in inflation and its effect Rise of Equalities To mitigate its effects, at least $330,000 in untaxed assets was rendered worthless. The new amount totals $404,000. In other words, a receiving people Gross salary equal to or less than $404,000 per month, They will not pay tribute.

As for Tax payers A An amount greater than $404,000, but less than $466,017There is a benefit Special Exemption.

For income tax payers Above $466,017, the “normal practice” applies. However, there is one A large number of deductions, Therefore, many people who earn more than this do not pay the said tax.

Wages increased significantly in 2022 due to the inflationary effect, at least in nominal terms

Wages increased significantly in 2022 due to the inflationary effect, at least in nominal terms

Among these exclusions, there are Three major categories: First, we find “General”. There are Applies to all taxpayers without any specific distinction. Among the most common we find Expenses incurred by PAMI, social work and leisure.

Second, we find “Personal Deductions” As its name suggests, It depends on factors specific to each taxpayer. For example, the Dependent child deductionIt depends only on those who fulfill this requirement.

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Finally, there are “Allowable Deductions”. in this situation, The Act expressly provides for its exemptions, For example, the Pension insurance. However, these have some limitations.

When will the profit base change?

The A shift in the profit base is already underway.

The said levy shall be progressive for men and the amounts shall be adjusted by a coefficient of inter-annual variation. Average taxable wages (Ripday) of regular workers.

How is the new revenue table?

In simple terms, they are Workers with gross wages over $404,000 must pay the benefit. However, the specified amount should be deducted from the different amount Exemptions. For a single worker with no children and no additional contributions (such as union dues) this is approx. $335,300.

A

Earns over $404,000

That’s who Earn between $404,000 and $466,017They enjoy a Special Exemption. In the case of supplementary annual salary, also known as “Aguinaldo”, it should be noted that it is not taxed.

Besides, After deducting various deductions, the Income tax is determined as follows:

  • Taxpayers earning more than $0 173,834.61 up They pay a fixed $0 and 5% above $0.
  • If they received $173,834.61 and A maximum of $347,669.23If they earned between $347,669.23 and $521,503.84, they would pay $8,691.73 and 9% over $173,834.61.
  • Successful taxpayers $521,503.84 to $695,338.47 They will pay a standard $45,197 and 15% on top of $521,503.84.
  • If they get $695,338.47 and a maximum of $1,043,007.68They will pay $71,272.19 plus 19% on top of $695,338.47.
  • If they have $1,043,007.68 to $1,390,676.90 They will pay a fixed amount of $137,329.34 and a 23% increase of $1,043,007.68.
  • Successful taxpayers Over $1,390,676.90 to $2,086,015.35 They will pay a standard $217,293.26 and a 27% increase of $1,390,676.90.
  • If they get $2,086,015.35 and a maximum of $2,781,353.85They will pay $405,034.64 plus 31% over $2,086,015.35.
  • Finally, the winners $2,781,353.85 and aboveThey will pay $620,589.58 plus 35% over $2,781,353.85.

What is the minimum tax free income in 2023?

The Minimum non-taxable income This is approximately $404,000 for 2023. According to the national government, with this update, more than 300,000 people affected by this tax have stopped paying this tax.

So, according to the government, only 600,000 people Profit paid, That is, about 10% of workers in dependent relationships.