Revenue of individual and taxable income

Revenue of individual and taxable income     

Question :

Hello! Interested in how much is the annual income limit for individuals on taxable income?

Answer :

Hello,

In response to your inquiry, I can tell you that there are no limitations on the amount of income in the annual tax returns of individuals. From the income declared, the benefits under different articles of the law on personal income taxation are deducted, as well as the amount of the insurance contributions paid for the person and the tax base thus obtained is multiplied by the tax rate of 10%. The tax liability thus obtained is deducted from the prepaid tax contributions during the year and the resulting difference is due. You may have an income of 10 million levs for the year - again, the same way you will determine the tax you owe.

There are limitations on insurance income. Your monthly insurance income can not be more than $ 2400 (2014). This means that if your monthly income is $ 10,000, your monthly insurance will be calculated at $ 2400.

If you are interested in something else or want more details, do not be afraid to ask.

Greetings.