Income tax refund: how much do you earn?

The deadline for submitting the 2022 Income Tax declaration is approaching and many taxpayers are already considering the amount of the refund, which will be paid in five installments from from May 31st. If you are curious to know how much each employee will receive from the income tax refund, just continue reading this article.

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Know how much taxpayer will receive for the income tax refund

Upon completing the income tax return, the taxpayer will know whether or not he is entitled to a refund. However, it is critical to note that the amount of any possible refund is always determined by factors such as the amount total income received, the number of paying sources, the number of dependents and the total amount of deductible expenses.

2022 income tax refund calendar

Payments will be made in five batches, and the expected dates for receiving the refund amount are until September. The first batch will be released on May 31st, followed by the second batch on June 30th, which third on the 29th of July, the fourth on the 31st of August and, finally, the fifth batch on the 30th of September.

What is the refund amount?

The amount of the refund is updated by the Selic rate, which is calculated from the month following the deadline for delivery of the declaration until the month before the payment, plus 1% in the month of deposit.

The Selic rate is currently at 10.75% per annum. According to current financial market expectations, the Selic should grow 12.25% this year. The IR is calculated by the sum of all taxable income and the taxpayer's income level. A possible refund payment is the return of money paid or withdrawn from a source prior to filing the annual tax return.

According to the current table, taxpayers who receive at least R$ 1,903.98 per month are not subject to income tax. Based on this amount, withholdings are calculated at rates of 7.5%, 15%, 22.5% or 27.5% of the amount total earnings, minus the deductible portion (fixed deduction) in relation to each range of performance.