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Do I have to pay taxes on the royalties I get from writing novels? How to pay taxes? How many times do I have to pay taxes?

2024-08-21 18:23
I'm 18 years old now, and I'm still in high school. I like to write novels. I wrote a fantasy novel, and then I went to the first publishing company. The publishing company gave me 50,000 yuan, but I heard that the royalties have to be paid taxes. My parents have to pay taxes every month, but I'm still studying! I don't have a monthly salary. It's just a one-time payment. If I really have to pay taxes, how do I pay taxes? Do I have to pay every month? I'm just a high school student, I don't have that much money! How do I pay taxes? How many times had he handed it in?
2024-08-21 22:29

The money earned from writing a novel was considered creative property, and in most cases, there was no need to pay taxes. However, if the income from the royalties exceeded a certain amount, a certain percentage of tax would have to be paid according to the regulations. The specific tax rate depends on the laws and regulations of the country and region. In many countries, royalties had to go through the artist before they could be converted into income. Once converted to income, artists or pay taxes according to different tax rates. If you intend to use the royalties to buy books or other literary works, you need to purchase tax exemption or apply for tax reduction measures in accordance with the corresponding laws and regulations. It should be noted that the laws and regulations of different countries and regions may be different. Therefore, in specific cases, you need to consult the local tax agency or lawyer to understand how to minimize the tax burden.

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