Glasses purchase and loss insurance automatically reflected
Data can be checked from January 15th
In this year’s year-end settlement, the deduction rate for credit card usage from March to July has risen significantly, and spouse maternity leave benefits are not taxed. Hometax access is possible with private certificates other than the existing public certificate, and the entire year-end settlement process is possible with a smartphone.
On the 23rd, the National Tax Service released the’Comprehensive Guide to the Year-end Settlement of Earned Income attributable to 2020′ including these details. Workers can check the proof of income and tax deduction on the simplified service screen for a month starting on the 15th of the following month.
According to the National Tax Service, from March to July this year, the income deduction rate for credit cards and other uses has been greatly expanded, and the deduction amount has also been increased by 300,000 won compared to the previous year. For credit cards, the deduction rate is 15% (January-February, August-December), but increases to 30% in March and 80% in April-July. Credit card income deduction limit is also from the current 3 million won to 3.3 million won for the total salary of 70 million won or less, 2.5 million won to 2.8 million won for those exceeding 70 million won to 120 million won, and 2 million to 2.3 million won for those exceeding 120 million won. Enlarged.
The limit for payment of pension accounts subject to tax deduction has been temporarily increased to 6 million won for three years only for those over 50 years of age with a total salary of 120 million won or less. It is to support the preparation for retirement.
Spousal maternity leave benefits received under the’Employment Insurance Act’ to promote maternal protection and male parenting participation are non-taxable earned income, and are not included in the total benefit amount from income generated after January 1 of this year. Profits earned by small and medium-sized business employees from purchasing or renting houses at low interest or free of charge are excluded from annual earned income. The tax-free limit on profits from exercising stock options of executives and employees of venture companies will be increased from 20 million won to 30 million won per year.
Among the requirements for non-taxation on overtime wages for production workers, the standard for total wages for the previous year was reduced from 25 million won to 30 million won or less. In order to support outstanding Korean talents residing overseas, they are entitled to a 50% reduction in income tax for five years if they meet certain career requirements.
Workers working in creative arts, sports, libraries, historical sites, and similar leisure-related service industries, where wages are low and manpower shortages are high, are eligible to receive a reduction in income tax for employed by SMEs. 70% of income tax for 3 years (90% for 5 years) for young people, 60 years of age or older, and the disabled who are employed by small and medium-sized enterprises (annual limit of 1.5 million won). Marriage/child education is added to the reasons for recognition of career break, and requirements for career break period (within 3 to 10 years after retirement → within 3 to 15 years) and re-employment target companies (same company → same type of business) are relaxed.
From this year, data on the monthly rent for public rental housing, the cost of purchasing glasses, and the amount of actual loss insurance received will be provided in the year-end settlement simplified system. This year’s national emergency disaster support donation data is also reflected in the simplified system. The simplified system data will be available from the 15th of next month.
Sejong = Reporter Woo Sang-kyu [email protected]
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