Will this year’s end-of-year settlement be ’13 month’s salary’ or ’13 month’s tears’? The year-end settlement will begin in earnest through the year-end settlement simplification service, which is opened by the National Tax Service on the 15th, and workers are expected to have mixed joys. In this year’s year-end settlement, tax saving tips that you must know and what have changed are summarized in a question and answer format.
Q. It is said that the credit card deduction limit will increase this year. How will it change?
A. First of all, the income deduction limit is increased by 300,000 won. The credit card income deduction is a system that reduces the tax base (amount based on tax) by subtracting a certain percentage (15-30%) of the amount used exceeding 25% of the total salary from the amount of earned income. When the tax base is lowered, the actual tax is paid. The deduction limit depends on the level of gross benefit, but this time the limit is increased according to the amount of benefit. If the total salary is 70 million won or less, the deduction limit is from 3 million won to 3.3 million won, over 70 million won and less than 120 million won from 2.5 million won to 2.8 million won, and over 120 million won 200 It goes up from 10,000 won to 2.3 million won.
Q. Does the credit card deduction rate change? A. The deduction rate is applied differently depending on the time of use of the card. If the card is used in January and February, 15¤40% is applied. For March use, the deduction rate doubles depending on where the card is used. The same deduction rate as in January and February is applied for use in April and July and 80% for use in August and December. If an employee with an annual salary of 40 million uses a card for 1 million won per month, the income deduction is 1.6 million won. This is an increase of 1.3 million won from the previous year (300,000 won). Q. What should I do if the amount of card used in the year-end settlement simplified service is different from the actual one?
A. You can get a credit card payment confirmation from the credit card company, or get proof of transaction details and submit it to the company. Data include credit card receipts for traditional markets, and receipts for books, performances, museums, and art museums.
Q. The limit on payment of pension accounts subject to tax deduction is also increasing… .
A. For taxpayers aged 50 and over with a total benefit amount of 120 million won or less, the payment limit for pension accounts subject to tax credit is increased. The payment limit is set at 6 million won from the current 4 million won. When retirement pensions are added, the limits are increased to 7 million won and 9 million won, respectively. If the salary exceeds 120 million won, it is 3 million won (7 million won when retirement pension is added), the same as before.
Q. Can I check the eyeglass purchase cost directly from the year-end settlement simplified service?
A. In the past, workers had to visit an optician to obtain a receipt and submit it to the company. From this time on, the IRS will collect payment details in a lump sum. The cost of purchasing glasses or contact lenses can be deducted from medical expenses within 500,000 won per person per year. For medical expenses tax credit, 15% of the amount exceeding 3% of the total benefit amount is deducted.
Q. Do I have to bring my own receipt for monthly rent tax credit?
A. If you live in a private house on a monthly rent, take a receipt and submit it to the company. The monthly tax paid to public rental housing businesses such as Korea Land and Housing Corporation, Seoul Housing and Urban Corporation, and Gyeonggi City Corporation is automatically entered into the year-end settlement simplified service without directly submitting it.
Q. When will the year-end settlement simplified service be available?
A. It is available daily from 6 am to midnight. To prevent computer overload, the connection is automatically disconnected 30 minutes after connection. A warning window appears 5 minutes before and 1 minute before the connection is terminated. Save your work and connect again to use.
Q. I am curious about the level of total salary that can be refunded in full without having to bring proof of income deduction or tax deduction.
A. When all the wage and salary income deductions, personal deductions, and child tax deductions that are automatically applied to earned income earners are reflected, the total salary without tax is 14.84 million won for one person, 16.23 million won for two people, 2499 for three people It costs 10,000 won and 3,083 million won for a four-person household. Gross salary is taxable income excluding non-taxable income such as maternity allowance, childcare allowance for children under 6 years of age, and overtime work allowance for production workers from all earned income.
Sejong = Reporter Song Chung-Hyun email@example.com
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