[연말정산 총정리]② What are the items that can be deducted for duplicate credit cards?

This time, let’s take a look at the detailed items that must be understood before specifying the year-end settlement strategy.

One of the most curious items is about personal deduction.

Personal deduction refers to items that can be deducted up to KRW 1.5 million per person, depending on the spouse or dependents. In order to be included in this, the total annual income of dependents must be less than 1 million won (for those with earned income, total salary of 5 million won).

Parents can receive a basic deduction even if they live in different places if they meet the income and age requirements (over 60 years old). However, this is only when other siblings do not receive basic deductions from their parents.

It is also necessary to carefully examine the contents of monthly rent that are useful for self-employed students. If the head of a homeless household with a total salary of 70 million won or less rents a house of 300 million won or less (including residential officetels and Gosiwon), monthly tax credits are available. In order to receive this benefit, the address on the lease agreement and the certified copy of resident registration card must be the same.

There are also items that can be deducted from the credit card amount. This includes medical expenses, school expenses spent for preschool children, and school uniform purchase expenses. In the case of ineligible medical insurance, medical expenses paid directly by workers are subject to deduction, whereas medical expenses paid with insurance funds received from insurance companies are not subject to deduction.

For small and medium-sized workers, it is also necessary to check the scope of the income tax reduction. Even if the employed enterprise falls under the Basic Act on Small and Medium Enterprises, the reduction or exemption is applied only if it falls under Article 27 (3) of the Enforcement Decree of the Restriction of Special Taxation Act. For example, financial and insurance business, health service (hospitals, clinics, etc.), professional service business (legal service, lawyer business, patent attorney business, legal business, accounting service, etc.), pubs and non-alcoholic beverage stores among the restaurants are not eligible for exemption.

The range of career interrupted women who receive income tax reduction is also widening. Marriage and child education are added to the existing reasons for recognition. The period of career interruption is also extended to 15 years after retirement. Even if they re-employment in the same industry other than the same company, it is recognized as a female re-employment with a career break. In addition, among the requirements for non-taxation on extension allowances for production workers, the wage standard has also been reduced from 25 million won or less to 30 million won or less.