Year-end settlement of ’13 month’s salary’ starts today… What has changed?

Year-end settlement, called the 13th month’s salary, started today (15th). The most interesting thing is how to get more money back. This year, more refunds are likely to occur.

Reporter Han Sang-woo summarized what changed.

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The biggest difference is the workers.

Until last year, you had to print out the simplified data from the National Tax Service Hometex and submit it to the company.

However, if the company has not applied for the lump-sum service, it cannot be used.

From the 18th, you can check the year-end tax refund amount through Hometex of the National Tax Service in advance.

The deduction will also increase.

First, the tax deduction rate for donations increased by 5 percentage points.

In order to overcome COVID-19 and spread a culture of sharing, this is only applied to the amount donated last year. You can receive a 20% tax credit for donations of KRW 10 million or less, and up to 35% for donations over KRW 10 million.

If you donate 1 million won, you can deduct up to 200,000 won from the final tax to be paid.

In addition, if your card usage has increased by more than 5% compared to the previous year, you can receive an additional deduction for the excess of 5%.

For example, if you spent 10 million won last year and 15 million won last year, you will receive an additional 10% income deduction for 45% of the 50% increase minus 5%, that is, 4.5 million won.

The year-end tax refund amount is expected to increase steadily from an average of 510,000 won per person in 2016, exceeding 630,000 won last year and 650,000 won this year.

However, the tax rate has increased from 42% to 45% on income over KRW 1 billion based on the tax base, so you will have to pay additional tax.

(Video coverage: Jeong Seong-hwa, video editing: Kim Byung-jik)

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