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Taxes

The Incomes and the Right Taxes

They did not report income-exempt income during the year, voluntary pension insurance for employees, transfers of capital shares (this is also reported by notaries), income payments for personal supplementary work, paid contributions for bridging insurance of athletes and income tax-exempt income from basic agricultural and basic forestry activities. They only have to report these once a year.

The extension of the deadline for submitting tax returns in advance of personal income tax on income from activities applies to those natural persons with an activity who determines the tax base by taking into account actual income and actual expenses, as well as to those who determine the tax base by taking into account actual income and standard expenses.

Any objection within a month

It is considered that all taxpayers can file an objection to it within approximately one month after receiving the informative calculation of personal income tax. If they agree with the calculation, they must pay any underpaid personal income tax within the appropriate period or receive the overpaid personal income tax returned to their bank accounts. The sales tax calculator is important there.

  • However, the informative calculation will still not be received by taxpayers for whom the Financial Administration has not received data on the assessment of personal income tax from payers of income. As every year, they will have to submit the declaration themselves, and the deadline is extended by one month, i.e. on 31 August.

Personal income tax is a personal income tax. Personal income tax is levied on the income of a natural person that was acquired or achieved in a tax year that is the same as the calendar year. Any payment or receipt of income is considered income, regardless of the form in which it is paid or received. Income is considered to be received when it is paid to a natural person or is otherwise made available to a natural person, which means that the moment when the money is actually transferred to a certain taxpayer is important for personal income tax (and not the moment when it would e.g. under some contract, had to do).

Taxable income includes all income that is not explicitly exempt from the Personal Income Tax Act. Exceptfor a student, the taxable income is as follows:

  • Income for temporary and occasional work performed through referrals (student work),
  • Income from property rights,
  • Income from employment (e.g. royalties),
  • Capital gains,
  • Cadastral income,
  • Income from property (dividends, interest, rents),
  • Parental pension,
  • Various awards, etc.

The income of pupils and students for temporary or occasional work performed on the basis of a referral from an authorized student service or organization that provides employment mediation is considered for tax purposes as income from another contractual relationship.

Conclusion

Scholarships and other incomes of pupils and students from the budget or fund financed from the budget (except for staff scholarships in the amount above the minimum wage in the Republic of Slovenia) and incomes in the form of regression or subsidizing student meals and monthly tickets are not taxable.

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Taxes

The Right Income Tax Issues for You Now

From the total income received in the previous calendar year, standard costs are deducted, which amount to 10% and do not require additional proof. Social security contributions that a student is obliged to pay on the basis of special regulations are deducted. Deductions are then deducted. In addition to the standard costs, the student can also claim the actual costs of transport and accommodation. Thus, we get a net tax base, which is the basis for final taxation.

In case of exceeding the amount, personal income tax is only from the amount of the excess

It is also possible to pay personal income tax in installments, but it is approved by the tax authority on the proposal of the person liable for payment.

Relief

The general relief is granted to each taxpayer provided that another resident does not claim a special relief for a dependent family member (specifically for students, this means that they can claim this relief if their parents do not claim it in their tax return as dependent family members). In the event that a parent registers a pupil or student as a dependent family member, only the latter loses this relief, so it is always necessary to make your own calculation and find out what is (at the household level) more favorable. The use of the sales tax calculator is important there.

A dependent up to 26 years of age is considered a dependent family member of the liable party if:

Continue secondary or upper secondary education continuously or intermittently for up to one year, not employed. Does not perform any activity, does not have his / her own income for subsistence or is less than EUR 2,436.92 per year.

For the Dependents

A dependent family member is also a child who meets the above conditions and is older than 26 years, if he enrolls in studies until the age of 26, for a maximum period of six years from the day of enrollment in undergraduate studies and for a maximum period of four years from the date of enrollment in postgraduate studies. Own income is all income under ZDoh-2 except family pension, income for temporary or occasional work on the basis of a referral, scholarship and income that is exempt from personal income tax under Articles 22 and 29 of ZDoh-2. This means that a student can still earn up to € 2,436.92 per year through a copyright or business contract and parents will be able to claim him or her as a dependent family member.

The special personal allowance (so-called student allowance) applies only to income from student work, but not to other income (royalties, cadastral income, property income, parental pension, various awards).

The special personal allowance for 2020 amounts to EUR 3,500.00

The amount of the relief is determined each year by a scale for assessing personal income tax and reliefs.

As of 1 January 2007, only two conditions apply to the application of the special personal allowance: status and age. This means that high school or university students can earn as much as they want, only they will have to pay income tax on higher earnings.

Conclusion

The limit of 26 years does not mean that someone is no longer allowed to work through the student service (the exception is part-time students or participants in adult education). After this age, they only lose a special personal (student) relief. A 25% advance payment of personal income tax is also deducted from each transfer to the referral.

Categories
Taxes

All About Sales tax Services

Introduction

You must be all aware of sales tax by now, but if you do not have much vocal idea about sales tax even now then you can now know all about the sales tax. Before you hire a sales tax consultant, you must know about the sales tax services and before of all of that one must know what is sales tax?

What is a Sales Tax?

If you want to understand the sales tax then you in simple words you will know that sales tax is a tax that is imposed on the sale of goods and services by the government. It is a conventional amount of tax that is levied on a particular item that is being sold. This tax is collected by the retail and it forwarded to the government of that particular state. But we will have to know which kind of items are levied to such kind of tax.

Which products are subject to sales tax?

If you are new to sales tax then you will first have to know which are the products that are subject to the sales tax. Sales tax support depends completely on your state, knows about the law of your state because the sales tax will be collected by your state.

There are some things that must be taken into account such as:

Knowing whether Your State Collects Sales Tax

It is the first and foremost thing to find out whether your state collects sales tax at all or not. If you are not aware then let us confirm that state taxes are state-driven. No one apart from the state knows about the sales tax. Sales tax is a tax that is imposed on the transactions of items on which the tax has been imposed by the sales tax support department of the state. Most states collect tax on products or services. There are also some states in the world like Alaska who do not impose sales tax but they are open to the concept of sales tax. If any locality in Alaska wants to raise sales tax then they can without any issue. These days there is Sales tax imposed on digital products too which most are not are of.

Origin Based Tax

If you want to determine whether you should put a sales tax on items or not then you will have to know or find out if your state is an origin-based state or a destination-based state. Most of the sales imply destination-based sales tax which means only in the product is picked up ort used. The Origin based sales tax is to be paid to the merchants and not directly to the state.

These are the minute technicalities of the sales tax which one must understand when they charge the sales tax on any product. It is important that you know how the process works only then you will be able to use the advantage of the sales tax.