Year-end settlement of retirees
Have you ever wondered what happens if you don’t pay the year-end tax payment after you retire? You may know that the entire company takes care of the year-end tax settlement for employees, but that is not the case. This is because the former company only knows the employee’s salary, and in fact, only the person concerned can know the amount spent, that is, the special deduction part.
Therefore, in order to receive more tax deductions for year-end settlement, the retiree must file a withholding tax report on their own through the year-end tax settlement report. In this case, it is possible to generate a refund for the year-end settlement of the mid-term retiree. Therefore, you need to take care of the 2020 year-end tax settlement period, year-end tax year-end tax deduction subject, and when to receive year-end tax settlement right away.
1. Types of special deductions for year-end settlement of retirees
The types of special deductions are as follows.
-Youth Income Deduction
– Housing fund income deduction (same as before)
-Credit card income deduction (same as before)
-Training expenses tax credit (15% tax credit)
– Medical expenses tax credit (15% tax credit)
-Donation tax credit (15%, 25% tax credit)
– Pension savings tax credit (12% tax credit)
2. Year-end tax settlement reporting period for mid-term retirees 중도퇴사자 연말정산
Then, if you know when the filing date will be, you can file a global income tax return in May 2020 like an intervening business operator, rather than in January like other office workers. The method is the same as in January, but the earned income deduction is automatically reflected, and the person concerned only needs to check if there are additional items to be deducted. 좋은뉴스
However, the income deduction for credit card usage is not applicable to residents without wage and salary income, so this is not subject to year-end tax settlement.
First of all, the general contents are as above, but there will be several situations after retirement. Then, let’s check the method of year-end settlement for retirees according to the current situation.
3. Year-end settlement of those who resign mid-term by situation
1. If you have already been re-employed
If you move to another company after leaving the company, you must obtain a withholding tax receipt. If you omit it, you will have to pay additional tax along with a penalty tax.
2. In case of starting a business
Then there is earned income and business income together. In this case, after making an approximate year-end settlement of the salary for the period of attending the company, you can report the two incomes together when filing the final tax return in May.
3. If you are preparing for a job
Also, you can deduct the tax that was not deducted at the time of the final tax in May 2020. You can do so at the tax office having jurisdiction over your address. In this way, you may be able to get a refund of the taxes you paid during the mid-year year-end settlement.
4. Required documents for filing global income tax for year-end settlement of retirees in May
When leaving the company, check the determined tax amount on the receipt of wage and salary income withholding tax provided by the company. If you do not have this document, log in to the Hometax of the National Tax Service, log in to My NTS, and click on the submission details such as payment statement – payment statement for the attributable year – click the attached file to see the tax amount determined in step 72. will be
However, it will be explained below as an example.
Address: https://www.hometax.go.kr/websquare/websquare.html?w2xPath=/ui/pp/index.xml
National Tax Service Home Tax
www.hometax.go.kr
Just log in above.
Then there is the report payment in the top tab.
After logging in, the menu below will appear. Among them, click on ‘Submission details such as payment statement’.
Then, you can view your submission details, such as your payment statement.
Just click View.
At the present time, no matter how much you check, it is not possible to search for each year in 2018. My NTS seems to have changed to my menu now, but from January 15, 2020, you will be able to inquire about the simplified year-end tax settlement service for office workers.
Finally, to emphasize one more time, please understand in advance the 2020 year-end tax settlement period, the subject of year-end tax year-end tax deduction, and when you receive year-end tax settlement. .
Because my taxes are what I can save the most.