Insurance commission tax is usually levied on "income from labor remuneration". When collecting insurance commissions, the cumulative withholding system is usually adopted. Under the withholding system, the calculation formula of tax payable is: tax payable in this period = (accumulated withholding taxable income x withholding rate-quick deduction)-accumulated tax reduction-accumulated withholding tax. The calculation formula of cumulative withholding and prepayment taxable income is: cumulative withholding and prepayment taxable income = cumulative income (insurance commission income)-cumulative deduction of expenses-cumulative deduction of others.

According to the Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on the Connection of Preferential Policies after the Revision of the Individual Income Tax Law, the amount obtained is the balance of non-VAT income minus 20% expenses, and the accumulated expenses are deducted by 5,000 yuan per month, that is, the sum of start-up expenses, additional taxes and other deductions stipulated by law. Among them, the expansion cost is 25% of the turnover.

Can the newly deducted renewal premium be refunded?

Under normal circumstances, the newly deducted renewal premium can be refunded, but it may not be fully refunded, because each insurance company will have corresponding surrender requirements, and the surrender requirements of different insurance products are not exactly the same. Some insurance companies and products can surrender in full, others can't, and the law doesn't stipulate that insurance companies must surrender in full, so whether they can surrender in full depends on the requirements of the signed insurance contract.