There were always employees asking for withholding tax receipts. Since I did all the bookkeeping myself, I issued the document right away. What on earth is this document? Where do you need it? Can I get it issued directly without going through a company representative like me? We’ll answer any questions you may have.
How to issue an earned income withholding tax receipt
How to issue an earned income withholding tax receipt
What is a withholding tax receipt?
Workers have an obligation to pay taxes. If you work for a company, instead of paying taxes directly to the National Tax Service, the person in charge of the company first collects the taxes that all workers must pay and then pays them to the National Tax Service at a certain period every month.
When you receive a salary statement, the company first deducts various taxes such as the four major insurance premiums and income tax, and then the actual amount is deposited into your bank account. This tax collection by the company on behalf of the worker is called withholding tax, and is collected while the worker is at the company. The document containing details of various taxes paid in this way is called a withholding tax receipt.
This document contains the worker’s personal information, all income received during the year, details of income deductions and tax credits, and details of taxes paid.
Why do we ask workers for documents?
There are many places where withholding tax receipts are needed, but in my experience, the cases where employees most need them are as follows.
① When an institution/bank, etc. requests to determine income for a loan
② When those who quit their jobs mid-term request for year-end tax settlement
③ When the company you moved to asks you to confirm your previous company’s annual salary.
Since it contains information about your annual income, the most frequently used receipt is to determine whether you have the ability to repay the money.
At the end of the year, receipts are basically issued to employees after year-end tax settlement, but this is a document that can be issued immediately upon request from the company when necessary.
But… if I left the company, where should I get it issued?
How to check your withholding tax receipt
There are two ways to receive a withholding tax receipt:
① Contact your previous employer to get one
② Download directly from Hometax
If you contact your previous workplace and request a withholding tax receipt, a person in charge like Yunyeong will issue it.
If you are uncomfortable contacting the previous company, you can check directly through Hometax. You can check five years of withholding tax receipts at Hometax. Even if you quit the company mid-year and the settlement has been completed, if the company representative submits the relevant amount to the National Tax Service all at once at the end of the year, the withholding receipts for the year will be submitted during the comprehensive income tax reporting period in May next year. It is important to note that in some cases, confirmation may not be possible until after this date. (※If you left the company mid-year in 2023, confirmation is possible after May 24)
Issuance of confirmation of withholding tax receipt
Issuance of confirmation of withholding tax receipt
Issuance of confirmation of withholding tax receipt
Issuance of confirmation of withholding tax receipt
How to get it issued from Hometax
To receive an issuance from Hometax, you must first log in with a public certificate.
National Tax Service issued
National Tax Service issued
① Home Tax → Login → Click MY Home Tax
Issuance of home tax
Issuance of home tax
② Scroll down on MY Home Tax and click on Year-end Tax Settlement/Payment Statement.
③ Click on the submission details such as payment statement.
Issuance of home tax
Issuance of home tax
④ If you look at the submission details such as payment statements, you can check the withholding tax receipts for the past 5 years.
(※If you left the company mid-year in 2023 and do not see the 23rd statement, you can check it after May 24)
⑤ Click View Payment Statement for the desired year.
Issuance of home tax
Issuance of home tax
⑥ You can check your earned income withholding receipt and download or print it.
Issuance of home tax
Issuance of home tax
If you are an employee, be sure to check your payment statement.
In 2023, a policy mandating the issuance of pay stubs was introduced, but there are still many people who do not know whether their company does not provide pay stubs, or how taxes are paid on the salary they receive, or whether the tax exemption is properly applied.
In particular, even though it is a non-taxable item, there are many cases where more taxes are paid that should not be paid due to the inexperience of the person in charge, so I am always interested in the taxable/non-taxable items in my salary and whether I am eligible for tax discount policies. You must have this to be able to earn a fair income and save taxes.
It is also a document in which the company records your income and expenses, so please always check it carefully.