The year-end settlement, which is called ’13 month’s salary’ or ’13 month’s tax bomb’, has begun in earnest.
According to the National Tax Service on the 16th, a simplified service for the year-end settlement of earned income in 2020 was opened from 5 am on the 15th. Opening hours are daily (including weekends) from 6 am to 24 pm.
In order to prevent system overload due to the explosion of users, it was allowed to use only 30 minutes per connection until the 25th. The connection is automatically disconnected after a period of time, so when the connection termination notice window (5 minutes ago, 1 minute ago) appears, you can save your work and reconnect to use it.
Starting this year, the number of data that can be checked in the year-end settlement simplified service will increase. Among the medical expenses, you can also see the data on the insurance premium for injured medical insurance, the cost of purchasing glasses paid by credit card (cash receipt), the monthly tax paid to the public rental housing business, and donations for emergency disaster support.
The purchase cost of glasses and contact lenses can be deducted for up to 500,000 won per year per person eligible for the basic deduction. If the medical expense data is not searched by the simplified service or is different from the facts, it can be reported to the medical expense reporting center that cannot be viewed. The reporting center is operated until the 17th.
In the case of monthly rent, a worker with a total annual salary of 70 million won or less as the head of a homeless household can rent a house with a national housing scale (exclusive area of 85㎡ or less) or a standard market price of 300 million won or less (up to 7.5 million won). 10% tax is deducted.
In addition, from this year, year-end settlement can also be used with private certificates (KakaoTalk, Payco, KB Kookmin Bank, three telecommunication companies PASS, and Samsung PASS). However, private certificates can be used on PC and cannot be used on mobile. Joint certificates (formerly public certificates and financial certificates) are available for both PC and mobile.
Dohee Lee, Global Economic Reporter [email protected]