Let’s take a look at the year-end tax settlement method for mid-term retirees. There are various situations in which you will quit the company during the year and find another job, or you will be hired, or you will take a break until the end of the year. In each situation, we will explain how to make a year-end tax settlement.
1. Year-end settlement of those who resigned mid-term: In case of re-employment with a new job
If you’re looking for a new job after leaving your job, and you plan to stay there by the end of the year, there are two options.
First, you can proceed with year-end tax settlement at the current company by submitting the withholding tax receipt from the previous company to the current company.
Second, if you do not want to file the previous company data, you can do so when filing your global income tax return in May 23rd.
How to issue a withholding tax receipt 중도퇴사자 연말정산
① Hometax login > Simple authentication such as KakaoTalk is possible
② MY Hometax > Year-end settlement/payment statement > Submission details such as payment statement
③ 2022 Wages and Income Payment Statement > View 좋은뉴스
④ Disclosure of personal information > After downloading, print it out or submit it as a file
▼ Go to Hometax, log in, and go to My Hometax.
Hometax > My Hometax
▼ Select Year-end Settlement/Payment Statement on the left and check the submission details such as payment statement.
Year-end settlement statement > Submission details such as payment statement
▼ The wage and salary income of the job you quit this year is in the ‘2022 Wages and Income Payment Statement’. If it’s not here, you may have missed it from your previous job and you should contact them and ask them to send you a withholding receipt.
2022 Wages and Income Payment Statement > Example
▼ Submit the withholding tax receipt to your current employer.
Download or print to use
2. If you do not get a new job after leaving the company
If a person who quits mid-term does not return to work after leaving the company, year-end tax settlement is not performed. It will be processed at the time of filing a tax return in May, 23rd. You will receive a mail from the IRS, and you just need to report it and process it. You can do it yourself and it is not difficult.
▼ Please refer to the fact that wage and salary income is also included in the final tax return.
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There are cases in which 3.3% of tax is withheld after withholding tax, not if the 4 major insurance and income tax were withheld as earned income or other income was withheld. Short-term part-timers and freelancers are eligible. (
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3. Questions about the year-end settlement of late retirees
What if I don’t pay the year-end tax?
– The National Tax Service automatically calculates the amount of tax and charges the tax. It’s a disadvantage because you can’t get deductions. In this case, you can enter the deduction items while processing the regular tax return in May.
How do those who retire on December 31 do year-end tax settlement?
– The company has no obligation to do so. If you have a good relationship with the company, ask for it. If not, you can file a tax return in May. It’s well explained on YouTube and you can do it yourself. If it is difficult, you can use a platform such as samjeomsam.
Where can I use the year-end tax refund calculator?
– You can try it on the year-end tax settlement preview site. You can do the calculation in Internet Home Tax > Inquiry/Submission > Year-end Settlement > Year-end Settlement Preview. Please refer to the article below (👇) for more details.
How to inquire about year-end tax refund 2023 Preview
How to inquire about year-end tax refund 2023 Preview You can calculate in advance the amount of tax you will pay or the amount of tax you will receive in Hometax. Let’s take a look at the methods of inquiring and calculating the year-end tax refund amount one by one.
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When will I receive my refund?
– Refunds are slightly different for each company’s processing speed, but at the earliest they are received on the February payday, and are usually received along with the March payday payday.
We learned how to settle the year-end tax settlement for mid-term retirees. The year-end tax settlement can only be done by those who are working for the company during the period from the end of this year to the beginning of next year. If you do not want to submit your previous company data, you can do it at the time of filing your final tax return in May of the following year, or worry not because it can be easily processed. For more details, please refer to the related article below