It is said that the year-end tax settlement simplification service will be opened soon. If you can get your tax deducted for a year in advance and get it back, it feels like a bonus. However, how should the year-end tax settlement be done in the case of mid-term retirement? Is there any disadvantage if a person who leaves midway does not pay the year-end tax settlement for various reasons such as personal circumstances or cumbersome? We’ll show you how to file a tax return that you don’t have to pay.
Hometax Year-end Settlement Simplification Service
Mid-Term Resignation – Year-end Settlement – Method 중도퇴사자 연말정산
Year-end tax settlement in January-February 2022 will be carried out for expenditure + income from 21.1.1 to 21.12.31. In the case of annual allowances and incentives for the 21st year, even if the payment for the work done in the 21st year is paid in the 22nd year, the amount is included in the year-end settlement for the 21st year. 좋은뉴스
In the case of the simplified year-end tax settlement service, you can inquire from January 15th. The year-end tax settlement period for 2022 is from January 15th to March 10th, and you can view and download most of the data required for year-end settlement when the simplified service is opened. The parts that can be viewed as a simplified service include credit card use, annuity, and medical expenses.
However, if you download and submit the data directly to the company, you must personally bring the proof of income deduction and tax deduction that is not provided in the simplified service and submit it to the year-end settlement manager. Typical examples include the cost of purchasing glasses, hearing aids, school uniforms, and monthly rent deduction. Please prepare the supporting documents or receipts in advance to receive the deduction without missing any part.
There are a few changes this year. For this year’s year-end tax settlement, a service is provided that shows the results in advance and informs you of the expected income deduction amount. You don’t have to worry about how much you will be refunded or if you will have to vomit on the contrary after submitting the materials. In addition, if your credit card usage increases by more than 5% compared to last year, an additional 10% of the increase will be deducted.
Mid-Term Resignation – Year-end Settlement – Method
Mid-Term Resignation – Year-end Settlement – Method
Year-end settlement method for mid-term retirees
Year-end settlement method for mid-term retirees
Even if you quit mid-year, if you are still employed and working in the same year, you can proceed with year-end tax settlement at your new employer. However, if you are looking for this article, it is likely that you are before employment. In the case of year-end settlement for those who leave mid-term, when the company settles their last monthly salary, basic income deductions are reflected in the year-end settlement.
Basic deductions include wage and salary income deduction, basic deduction and standard tax credit for the employee, and earned income tax credit. Individuals can report the rest of the year-end settlement card deduction and insurance premiums during the global income tax return period in May.
In case of missing or missing income and tax deduction items, you can receive additional deductions by filing a final return on the global income tax base at the tax office having jurisdiction over your address in May of the following year. After leaving the company, you will receive a withholding tax receipt. If you check the final tax amount column, you can find out whether you have filed a final tax return in May.
The determined tax amount means that the amount of tax that the worker must pay has been determined. If the final tax amount, which is the part of the tax settlement, is written as 0 won, it means that you have received a refund of all taxes upon leaving the company, and there is no additional tax refund, so you do not need to file a final tax return.
If you do not receive a withholding tax receipt at the time of resignation, you can inquire directly at Hometax after the company’s payment statement submission period in March of the year following your resignation for tax credit. (Hometax login → MY Hometax → Year-end settlement, payment statement → submission details such as payment statement)
Year-end settlement method for mid-term retirees
What if I don’t pay the year-end tax?
Check the above information and see if there are applicable items, but there are some people who do not want to do the year-end tax settlement for various reasons. In the case of freelancers or those who leave mid-term, there is no legal penalty for not paying year-end tax settlement.
However, if you think about the reason for year-end tax settlement, it is better to reduce tax by taking the portion that can be deducted additionally after deduction of earned income and tax. This is because if you do not do year-end tax settlement, you may not receive any additional deductible portions and may pay more tax.
If you are eligible, please do not miss the deadline, take care of it, and get your tax refund.