Corporate accounting, accounting and taxation, the four major insurance policies, personnel and payroll
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Description
Book Introduction
Company practice books from accounting to human resources
This is a manual that comprehensively covers accounting and taxes for small and medium-sized businesses, as well as corporate management tasks such as accounting, payroll, labor, finance, retirement pension, and the four major insurances.
It contains a tremendous amount of content in a huge volume.
I decided that I had to read this book 3 or 4 times.
If you look at books on labor law or wages, many of them are textbook-like.
It's difficult to find what you need in practical work in books, and I think this book really scratches the itch of those practitioners.
First of all, this book is quite long.
It is a truly substantial volume that would be useful if placed on one side of a practitioner's desk.
This book covers everything from wages and severance pay to personnel management, financial management, and even the four major insurance policies...
It is a book that covers all fields.
Corporate accounting, HR, and CEOs finally find answers to all their corporate questions.
Clear explanations, calculation formulas, and case studies provide easy solutions to the most pressing questions for practitioners! This work guide, perfectly tailored to your specific job, teaches you how to solve difficult numerical calculations with formulas.
This is a manual that comprehensively covers accounting and taxes for small and medium-sized businesses, as well as corporate management tasks such as accounting, payroll, labor, finance, retirement pension, and the four major insurances.
It contains a tremendous amount of content in a huge volume.
I decided that I had to read this book 3 or 4 times.
If you look at books on labor law or wages, many of them are textbook-like.
It's difficult to find what you need in practical work in books, and I think this book really scratches the itch of those practitioners.
First of all, this book is quite long.
It is a truly substantial volume that would be useful if placed on one side of a practitioner's desk.
This book covers everything from wages and severance pay to personnel management, financial management, and even the four major insurance policies...
It is a book that covers all fields.
Corporate accounting, HR, and CEOs finally find answers to all their corporate questions.
Clear explanations, calculation formulas, and case studies provide easy solutions to the most pressing questions for practitioners! This work guide, perfectly tailored to your specific job, teaches you how to solve difficult numerical calculations with formulas.
index
Chapter 1
From issuing invoices to settling accounts
Self-owned company accounting work
Labor and four major insurance tasks
Key processes of payroll work
Key tasks performed by the human resources department41
Account subjects are not strictly defined on a case-by-case basis.
■ Account subjects are not determined for each case.
■ Do the issuance dates of the voucher and tax invoice have to match?
Issuance and receipt of general and purchase/sales vouchers, and storage methods
■ Difference between the issuance date of the voucher and tax invoice
▷ The issuance dates of the voucher and tax invoice are different.
▷ Can I compile the transaction history for one month into one sheet and issue it?
■ Efficient storage methods for vouchers and tax invoices
■ Do I need to keep a separate tax invoice that can be checked on Hometax?
▷ Cases where the original does not need to be kept
▷ If you need to keep the original
[Case] Whether scanned evidence is recognized under tax law
▷ Retention period of tax-related evidence
Method of issuing deposit and withdrawal voucher replacement vouchers
■ How to write a deposit slip
■ How to write a withdrawal slip
■ How to write a replacement voucher
Management of key accounting ledgers
■ Purchase and sales ledger management
▷ Sales ledger and sales source ledger
▷ Ledger by purchase location and purchaser
■ Voucher Management
■ Bankbook management
■ Tax invoice management
▷ Sales tax invoice management
▷ Purchase tax invoice management
▷ Tax invoice management
■ Corporate card management and personal card management
■ Stock Management
■ Key Assistant Directors
■ General receipt management
■ Inventory management
■ Cost management
■ Human Resources Management
■ Business such as company rules and regulations that a corporation must have
Cash management for income and expenditure
■ Parties responsible for income and expenditure management
■ Usefulness of income and expenditure management
■ Income and expenditure management through accounting staff
Transactions that must always be managed as they are frequently subject to tax audits
■ Missing sales
■ Processing cost accounting
■ False accounting of labor costs
■ Treating private expenses as corporate expenses
■ Unfair transfer of income through transactions
■ Manipulation of import and export transactions
■ Identity theft
■ Omission of rental income
Tips for managing business expenses (entertainment expenses)
■ Check the business promotion expenses (entertainment expenses) limit
■ Obtaining supporting documents (mandatory use of corporate card)
■ Clarify the purpose of expenditure
■ Establishment of regulations for expenditure of internal business expenses (entertainment expenses)
■ Regular monitoring and inspection
■ Precautions for spending business expenses
Corporate accounting settlement order
■ Settlement order using the program
■ Settlement accounting matters
■ Matters to note when filing corporate accounts
■ Prepare the company's financial statements directly and submit them within the statutory deadline.
Accounting treatment of closing items
■ Profit and Loss Account Summary
▷ Player earnings settlement summary
▷ Prepaid Expense Settlement Summary
▷ Settlement of accrued revenue
▷ Settlement of unpaid expenses
■ Clearance of unused consumables
■ Securities valuation
■ Settlement of advance payments and advance payments
■ Value-added tax offset
■ Conversion of foreign currency assets and liabilities
■ Cost confirmation
■ Inventory asset write-down loss (loss due to inventory asset physical inventory)
■ Cost of sales accounting
■ Liquidity replacement for long-term borrowings
■ Depreciation expense accounting
■ Annual leave allowance settlement statement
■ Bad debt allowance settlement statement
■ Establishment of retirement benefit reserve liabilities
■ Cash over and under account management
■ Accounting for corporate tax expenses
■ Substitution of retained earnings for net income (profit and loss)
■ Settlement of withdrawals for individual business owners
■ Closing statement of accounts
Understanding the Interrelationships of Financial Statements
■ Meaning of financial statements
■ Types of financial statements
■ Individual financial statements, separate financial statements, consolidated financial statements
■ Interrelationships of financial statements
■ Site where you can view financial statements
[Case] Things to Consider When Viewing K-IFRS Financial Statements
A balance sheet that shows a company's financial status
■ Assets in the financial statements
■ Liabilities in the financial statements
■ Capital in the financial statements
■ Format of financial statements
■ How to arrange account subjects
[Case] Method of Presenting Financial Statements under Korean International Financial Reporting Standards
Income statement that shows the company's business performance
■ Understanding Revenue Account Subjects
■ Understanding expense account subjects
■ Relationship between revenue and expenses
■ Calculating net profit and loss for a sole proprietorship
[Case] What You Can Learn from the (Comprehensive) Income Statement
Statement of changes in equity showing the status of capital changes
Cash flow statement showing the company's cash inflows and outflows
■ Principles for preparing a cash flow statement
▷ Scope of cash in the cash flow statement
▷ Divide cash flow into three activities
▷ Display of total cash flow changes
■ Differences between direct and indirect methods
Retained earnings disposition statement and deficit disposition statement
Notes and appendices
Eligibility for lease (financial lease and operating lease) and rental
■ Distinction between lease and rent
■ Eligible proof of lease and rental
▷ Transfer of financial leased vehicles and issuance of tax invoices
▷ Transfer of operating leased vehicles and issuance of tax invoices
Preparation of an accounting handover document
■ Personnel-related matters
■ Matters concerning organizational structure
■ Handover of accounting books and internal files (Excel, etc.)
■ Matters related to salary payment and the four major insurances
■ Fund transfer and management methods
■ Matters concerning management consulting
Chapter 2
Fund management and financial planning
Financial planning and financial circulation process
■ What is money?
■ The meaning and purpose of financial management
■ Definition of financial plan
■ Comparison of profit plans and financial plans
■ Types of funds and circulation process
[Case] Short-term plan preparation and management procedures
[Case] Fund Forecasting Procedure
Working capital management
■ Why is operating capital management important?
■ Key elements of operating capital management
■ Strategies for Effective Operating Capital Management
■ Fund Management and Investment
■ Payment and accounting processing
■ Risk Management
Financial management of small and medium-sized enterprises (financial status to be reported to the CEO)
■ The Importance of Fund Management
■ Funding and Fund Management
■ Financial status to be reported to the CEO
■ Financial status that the CEO wants to see reported
■ Reporting by period
How to Develop a Financial Plan
How to prepare a cash flow plan
■ Fund flow analysis
[Case] Considerations when Reviewing Appropriate Levels
■ How to prepare a cash flow plan
■ Criteria for determining suitability of financing and operation
Establish a financing plan
■ The Importance of Establishing a Funding Plan
■ Considerations when establishing a financing plan
■ Procedure for establishing a financing plan
▷ Startup industry
▷ Manufacturing
▷ Franchise industry
▷ IT industry
▷ Construction industry
■ Things to keep in mind when planning financing
■ Funding Plan Formulation Table
Borrowing and Relationships with Financial Institutions
■ The impact of borrowing on a company
■ Building relationships with financial institutions
■ Credit rating management
Chapter 3
Salary calculation and withholding tax
Payroll tasks that accounting staff must perform
Working hours for salary calculation
■ Statutory working hours
■ Regular working hours
■ Standard hours for calculating regular wages (paid working hours)
How to calculate regular hourly wage
■ Calculate the monthly regular wage.
■ Calculate the standard hours for calculating regular wages.
■ Calculate the regular hourly wage.
▷ Calculation of regular hourly wages in cases where there are no overtime hours
▷ Calculation of regular hourly wage in case of overtime work
How to calculate the minimum wage
■ Determination of violation of minimum wage
■ Wages not included in the minimum wage
■ Minimum wage, generally calculated simply
■ Calculation of minimum wage
[Case] Can 80% or 90% of salary be paid during the training period?
■ Obligation to notify minimum wage
How to calculate salaries for employees who joined or left during the month
Calculation method of holiday pay
■ Requirements for accruing holiday pay
■ Calculation formula for holiday pay
[Example] Calculating weekly holiday pay when weekly working hours vary
How to calculate overtime pay
■ Procedure for calculating overtime pay
▷ Add up all the amounts you receive on a fixed monthly basis (regular wages).
▷ Divide the amount of the regular wage by 209 (hourly wage calculation).
▷ Calculate the regular hourly wage (1.5 times for overtime work, 2 times for night work, and 1.5 times for holiday work).
■ Wage calculation formula for overlapping holidays, overtime, and night work
Calculation of annual leave and annual leave allowance
■ Monthly annual leave (monthly leave) accrued after 1 month of work
■ Annual leave (annual leave) accrued when working more than 80% of the year
▷ Annual leave granted when attendance is less than 80% for one year
Annual leave for attendance below 80%
Annual leave if attendance is less than 80% and attendance is more than 80% in the following year
▷ Annual leave accrued when working more than 80% of the year
Calculation of annual leave based on date of employment
Calculating annual leave based on fiscal year
■ Settlement of annual leave for employees who have resigned
▷ Annual leave calculation standards
▷ Retirement settlement of annual leave
■ Calculation of annual leave allowance
▷ Annual leave allowance for monthly annual leave
▷ Annual leave allowance for annual leave
How to divide comprehensive wages into base pay and fixed OT
Calculating the amount to be deducted when paying salary
Salary-related tax reporting process
[Case] The difference between wages as defined by labor law and salary as used in everyday life.
[Case] Differences between Withholding Tax Receipts and Payment Statements
Withholding tax on earned income by worker
Withholding tax and reporting obligations for daily workers
[Case] Decision on Small Amount Tax Collection for Daily Workers
[Case] Personal card usage amount of daily workers, part-time workers, and workers with 3.3% business income
■ Four major insurances for daily workers
■ Submission of work details confirmation report
■ Calculating daily worker taxes
■ Daily worker payment statement
[Case] Pros and Cons of Converting an Income Earner to a Wage Earner
Withholding tax on salaries and bonuses of regular employees
■ Monthly salary withholding method
■ Withholding tax on bonuses
▷ How to calculate and pay bonuses
▷ Companies that settle accounts at the end of the year
■ Compensation not considered earned income
■ Tax exemption on earned income
▷ Tax-free allowance of up to 200,000 won per month
▷ Tax-free allowances subject to conditions
▷ Fully tax-free allowance
■ 4 major insurances applied
■ 4 major insurance policies for regular workers hired in the same month and resigned in the same month
[Case] 1 day of work, 5 days of work, then 4 major insurances
■ 4 major insurances for the month with bonus
Withholding tax on recognition bonuses
■ Agenda on the cause of occurrence and payment period of recognition bonus
■ Income Tax Reporting Procedure
■ Other considerations
■ Guidelines for filling out the Withholding Tax Performance Report
■ Submit payment statement
■ Withholding tax reporting and payment
■ Local income tax on recognition bonus
■ Payment of the recognition bonus amount by the corporation
■ Recognition bonus and health insurance premium
Withholding tax on additional performance-based pay after retirement
■ Timing of withholding tax on performance-based pay
■ Timing of withholding of performance-based pay after retirement
■ Correction report of the four major insurance policies for performance-based pay after retirement
Withholding tax on foreign workers
■ Monthly withholding tax for foreign workers
■ Year-end tax settlement for foreign workers
[Case] Issue with the 19% single tax rate on profits from housing provided to foreigners
How to deduct current month's joining and leaving salary
■ Salary (payment amount) calculation
■ Calculating deduction amount
▷ 4 major insurance premiums
▷ Income tax and local income tax?
How to deduct taxes from overseas dispatched workers
■ Criteria for determining residents and non-residents
■ Withholding tax on domestic salary payments
▷ Exchange rate when salary is paid in foreign currency
▷ Non-taxable income from domestic payments
▷ Earned income deduction for overseas earned income
■ Withholding tax on overseas salary payments
■ Workers with overseas employment income must file a comprehensive income tax return.
Coverage of the four major insurance policies for overseas employees
How to deduct taxes from short-term workers who work less than 15 hours a week
How to deduct taxes during maternity leave
How to deduct taxes during parental leave
■ Childcare Leave and Tax Calculation
[Case] Total health insurance benefits
How to deduct the four major insurance premiums from your salary
■ National Pension and Employment Insurance
■ Two ways to deduct health insurance premiums
▷ How to deduct according to the rate
▷ How to deduct according to the notice
■ Report the four major insurances when your monthly salary changes
■ Calculation method for the four major insurance premiums deducted from salary
■ Report change in monthly salary when salary changes
Salary settlement for those who leave the company mid-term
■ Year-end tax settlement for those who left the company during the year
[Case] What if a tax refund is issued as a result of the year-end tax settlement for a person who resigned midway through the year?
■ Year-end settlement for continuing regular workers
[Case] How to Reflect Year-End Tax Refund and Tax Payment Amounts in Payroll Ledger
Year-end tax settlement in case of re-employment at the same company after resignation
Welfare expenses are not always tax-exempt.
■ Use of company buses for commuting
■ Scholarships received from the in-house employee welfare fund
■ Condolence expenses related to weddings, portraits, and other special occasions
■ Gift expenses for holidays, birthdays, and anniversary
■ Departmental dinner expenses
■ Amount lent by the company to employees
■ Tuition, training allowance, commissioned education fee, merit pay
■ Tuition and book purchase subsidies, etc.
■ Employee cell phone usage fee burden
■ Hospital expenses borne by employees in case of work-related accidents
■ Travel expense subsidy amount for long-term employees
■ Health checkup and physical training expenses
■ Tax treatment of workshop expenses
■ When granting individual welfare points to employees
■ Clothing cost subsidy
■ Subsidy for personal expenses of company housing
■ Company payment for golf course usage fees and condo usage fees
How to write a wage statement
■ How to write a payslip
■ Exceptions to the wage statement
Withholding tax on miscellaneous income and business income
■ Distinction between other income and business income
▷ Fee for lectures
▷ Advisory fee
▷ Income classification according to transfer and rental of patent rights, etc.
▷ Income classification of literary creation income (manuscript fees, royalties, etc.)
▷ Income from brokerage fees
■ Withholding tax on other income
▷ Minimum taxation limit for other income
▷ Taxation of other income
▷ Other Income Withholding Tax Receipt
[Example] It is advantageous if personal service income is classified as other income.
■ Withholding tax on business income
[Case] Things to keep in mind when personal service income is classified as business income
[Case] Is lecture fees considered business income or other income?
[Example] Incorrectly reporting business income as miscellaneous income
[Example] In case of providing caddy fee, receipt of qualified proof or withholding tax on business income
Processing of labor costs without withholding tax report
■ Expense processing of unreported wages
■ Penalty for failure to provide proof of labor costs
■ Surcharge for failure to report labor costs
Withholding tax on non-business interest between individuals, individuals and corporations, and corporations
■ Withholding tax on non-business income
■ Withholding tax when an individual pays interest to another individual
■ Withholding tax when an individual pays interest to a corporation
▷ When an individual files a withholding tax report directly
▷ In case of a contract of agency with a corporation
■ Withholding tax when a corporation pays interest to another corporation
▷ How to report withholding tax
▷ Loans between related corporations
■ Withholding tax when a corporation pays interest to a financial institution
■ Withholding tax on wholesalers
How to fill out the Withholding Tax Compliance Report
■ How to write a report on withholding tax compliance for monthly (semi-annual) payment businesses
■ How to write the month of attribution and month of payment when salary is paid over two months
[Case] Reporting of withholding tax compliance status when paying unpaid wages in a lump sum
Withholding tax correction report
■ Cases requiring a revised report
▷ Reason for revision report
▷ Things to keep in mind when filing a revised report
▷ If there is a difference between the amount on the withholding tax performance report and the amount on the payment statement
■ If modification is made before the regular reporting date (10th day of the month following the payment date)
■ In case of modification after the regular reporting date (10th day of the month following the payment date)
■ Fill out the withholding tax compliance report
Submission of simplified payment statement and payment statement
■ Payment statement
[Case] Surcharge on Daily Worker Payment Statement
[Example] Timing for submission of payment statements for retirement pay and performance bonuses received at the beginning of the year for retirees who retire at the end of December
■ Simplified Payment Statement
Chapter 4
Payment of retirement pay and retirement pension and retirement income tax
Comparison of retirement allowances and pension systems
Retirement pension introduction procedures and operation process
■ In case of retroactive application when retirement pension is introduced
■ Before introduction, retirement allowance; after introduction, retirement pension operation
■ Transition of the retirement pension system
Practical handling of retirement pensions and how to receive them
■ Types of retirement benefits in the retirement pension system
■ Procedure for receiving retirement pension
■ If you are looking for a retirement pension before retirement
■ How to transfer retirement pension to IRP
▷ If an employee chooses a financial company before retirement and signs up for an IRP
▷ If you have not signed up for IRP by the time of retirement
■ Is it possible to transfer the retirement pension business operator?
■ Mutual conversion of retirement pension types into DB and DC types
Calculating the contribution amount and retirement allowance for defined benefit (DB) pension plans
■ Requirements for payment of retirement pay
■ Criteria for retirement date (last day of work or the day after the last day of work)
■ How to calculate retirement pay
■ Payment of retirement benefits
[Case] Should bonuses (performance-based pay) be paid proportionally to retirees?
[Case] Until when must wages and severance pay be paid?
[Example] Severance pay upon immediate resignation after leave (childcare, childbirth, sick leave, probationary period)
Calculating the contribution amount for a defined contribution pension (DC type)
■ Defined contribution pension subscription period
■ Payment of defined contribution pension contributions
▷ Burden level and timing
▷ Late interest on the payment of the deposit itself
■ Calculation of burden for vacation, leave of absence, and suspension of business
▷ Maternity leave period
▷ Childcare leave period
▷ Period of leave of absence due to personal reasons
▷ Period of suspension due to reasons attributable to the worker, such as unauthorized absence
■ Calculation of burden when paying various allowances
▷ Unused annual leave allowance
▷ Severance pay
▷ Salary increase amount
■ Salary payment upon retirement
[Case] If you pay too little or too much retirement pension
[Case] DC-type retirement pension payment during maternity leave and childcare leave
[Case] Method of Contributing Bonus (Performance Pay) to Retirement Pension
[Case] Attribution of retirement pension contributions to employees with less than one year of service
[Case] DC-type retirement pension contribution when retroactive application of wage increase through wage negotiation
Differences in the calculation methods for retirement pension (including DB type) and DC type retirement pension savings
Calculating DC-type retirement pension savings when leaving the company during the year
■ Total wages, which is the accumulated amount
■ DC-type retirement pension contribution calculation method
Retirement pension payment procedures and attached documents
■ Payment method of retirement pay and retirement pension
■ Retirement pension payment procedures
▷ Before retirement, workers choose a financial company and sign up for an IRP.
▷ If the worker does not join the IRP by the time of retirement
■ Documents to be attached when applying for retirement pension payment
■ Payment date of retirement pay and retirement pension
Calculation of retirement income tax
■ Retirement Income Tax Calculation Structure
■ Withholding tax on retirement income
■ Agenda for payment timing of retirement income
■ Issuance of withholding tax receipt and submission of payment statement
■ Special tax settlement provisions for retirement income
■ Retirement Income Tax Base Confirmation Report
Chapter 5
Eligibility documentation and value-added tax reporting
Even if you don't know anything about taxes, managing your documentation is essential.
■ Not all supporting documents are submitted when filing taxes.
■ How to handle cases where a corporate card is used for personal purposes
You should know this much about eligibility.
■ Types of Eligible Documents
■ Cases where expenses are recognized even without proper documentation
■ Tax penalties for not receiving proof
■ Period for which eligible evidence must be kept
[Case] Eligible proof of credit card usage from another corporation
Managing supporting documents for tax savings
[Case] Things to check before sending money to a business partner
Surcharge cases related to (electronic) tax invoices
■ Surcharge related to issuing electronic tax invoices
■ In case the tax invoice is not issued at the time of supply and is issued late
■ Surtax and purchase tax deduction for receipt of tax invoice
■ If required information on the tax invoice, such as the date of issuance, is incorrectly entered.
■ If the supply date and the date of preparation are the same but the issuance date is late
Issuing revised tax invoices to align data between business partners
■ Processed tax invoice
■ Tax invoices that are different from the facts
■ Data Transaction
Negative tax invoice preparation and surtax
■ Surcharge for non-issuance (delayed issuance) of negative tax invoice
■ Surcharge in case of failure to report a negative tax invoice
■ Difference between a negative tax invoice and a revised tax invoice
[Case] Issuing a negative tax invoice when a business partner goes bankrupt
If the seller does not issue a tax invoice
■ Purchaser-issued tax invoice system
■ Businesses that can issue purchaser-issued tax invoices
■ Procedure for issuing a purchaser-issued tax invoice
■ Is there a limit on the amount for requesting transaction confirmation?
If there is no proof, instead of receiving cost recognition, you will be subject to a penalty for lack of proof.
■ In case of paying surcharge for insufficient documentation
■ In case of failure to pay the surcharge for insufficient documentation
■ When to pay the surcharge for insufficient evidence
Management of supporting documents when transacting with simplified taxpayers and non-businesses
■ Eligible documentation when transacting with a simplified taxpayer
■ Transactions with non-business entities
■ Transactions with closed businesses
Management of expenditures and supporting documentation eligible for purchase tax deduction
■ The starting point for purchasing tax deduction is managing supporting documents.
■ Even if purchase tax deduction is not possible, expense processing is possible.
■ Employee meal expenses are subject to purchase tax deduction
[Case] Tax deduction for purchase of food expenses for self-employed individuals
■ Purchase tax deduction for labor and welfare expenses
■ Purchase tax deduction for utility bills
[Example] Purchase tax deduction for internet and mobile phone charges
[Example] All payment notices from the rental office are changed to the tenant's name.
[Example] Purchase tax deduction when your home is your office
■ Purchase tax deduction for travel expenses used for domestic and international business trips
Expenses that must be treated as non-deductible purchase tax
■ Items not subject to purchase tax deduction are also recognized as expenses.
■ Items for which additional purchase tax is not deductible
■ Purchase tax not deducted when transacting with a simplified taxpayer
In case of non-receipt of rent, VAT tax base and issuance of tax invoice and deemed rent
■ Calculation of deemed rent for real estate rental deposit
■ Tax treatment of deemed rental income
Excluding value-added tax revenue when selling a vehicle
VAT reporting and payment methods
■ People who must report and pay value-added tax
■ When should I report my performance?
[Example] Simplified taxpayers who issue tax invoices file value-added tax returns in July
■ What are the disadvantages of not paying?
■ Do I need to report even if I have no performance?
■ How do I file a value-added tax return?
■ What are the benefits of filing electronically?
■ Value-added tax reporting for simplified taxpayers
■ Exemption from payment obligation for simplified taxpayers
■ Notice of intention to become a simplified taxpayer
■ What documents must be attached to the value-added tax return?
[Case] Documents to be prepared by practitioners when filing value-added tax returns
[Example] Document submission when entrusted with a captain's agency
■ How to report if you fail to report within the reporting deadline
■ How do I pay value-added tax?
■ When will the value-added tax refund be issued?
■ If you cannot pay within the payment deadline
[Example] Even if you don't pay taxes, you must file a report.
Hometax Value Added Tax Electronic Filing
VAT amendment report, correction request, late report
■ VAT Correction Report
▷ Surcharge for amended report
▷ Regulations on reduction of surcharge for amended returns
▷ How to file a correction
■ VAT correction request
■ VAT reporting after deadline
▷ Late filing surcharge
▷ Regulations on reduction of late filing surcharge
▷ How to report after the deadline
■ Amendment report and correction request for early refund
▷ Amendment or correction request for early refund report
▷ Surcharge applied when sales or purchases are omitted for early refund reporting
Chapter 6
Expense processing to reduce corporate tax (income tax)
Basic principles of expense recognition under tax law
■ Check eligibility for expense reimbursement
■ Check for business-related expenses
■ Check for missing sales revenue
26 Essential Checkpoints for Legal Expense Processing
■ Only work-related expenses are recognized as expenses.
■ No matter how much you emphasize the importance of providing proper documentation, it is still important.
■ Individual business owners must register their business cards with the National Tax Service.
■ Benefits of using a business account
■ Refrain from using business cards for personal use.
■ Expense processing of credit card usage amount
■ Things to keep in mind when making personal expenses with a company card
■ Tax loss from corporate cards that are not recognized as expenses
■ Corporate business expenses can be paid using a corporate card or business card.
■ Labor costs must be paid to the employee's personal account.
■ Self-employed person's salary and family salary
■ President (CEO) Health Insurance Premium and National Pension
■ Lunch allowance for business income earners
■ There is no income deduction for self-employed individuals.
■ Save 10% on value-added tax and pay more taxes.
■ Check out the average value-added rate by industry
■ Purchase tax deduction based on vehicle type, not fuel
■ Restaurants are eligible for tax deduction on purchases
■ Not all receipts are submitted when reporting.
■ The mobile phone must be registered under the business name.
■ Interest on loans related to the investment of joint venture partners
■ Loan interest when acquiring real estate with a loan
■ Be careful when selling a used vehicle
■ Inclusion of necessary expenses for restoration to original condition
■ Self-employed people also receive unemployment benefits when they close their business.
■ Tax deduction for purchase of business-use passenger vehicles and preparation of driving records
■ Even if you leave it to a tax accountant, the final responsibility lies with the business owner.
Expense processing for personal and corporate card use
■ Things to keep in mind when processing expenses using an employee's personal credit card
▷ Tasks involved when using an employee's personal card
▷ Things to keep in mind when using an employee's personal card for year-end tax settlement
■ Reasons for recommending the use of corporate cards (business cards)
▷ Reduced costs associated with managing personal card usage
▷ Easy to understand business expenses
[Example] Do I need to collect actual corporate card receipts?
[Case] Management of Eligibility Documents for Corporate Check Cards
[Example] Purchase tax deduction when receiving a credit card sales receipt from a simplified taxpayer
Major expenses recognized as deductible under tax law when spent
Documentation management and expense processing for office rent and management fees
[Example] Dormitory rental fees provided to freelancers subject to withholding tax on business income
[Example] In-house gym, daycare center, dormitory
Management of documentation and expense processing for travel expenses and transportation expenses
■ Standards for processing business trip expenses
■ Relationship between vehicle maintenance costs and self-driving subsidies
■ Overseas travel expenses documentation and tax processing
■ Exchange rate application and accounting for overseas business trip expenses
■ Tax adjustment of foreign exchange profit and loss
■ Overseas business trip and training expenses processing
[Case] Reasonable Tax Accounting for Travel Expenses
Withholding of instructor fees, management of documentation for training expenses, and expense processing
■ Expenses for training and education expenses such as certification acquisition costs
■ Requirements for tax exemption of education and training expenses
■ Proving the job relevance of employee training
■ Reasonable tax accounting for education and training expenses
■ Representative Director Graduate School Tuition and Membership Fees
▷ CEO Graduate School Tuition
▷ CEO Wonwoohoebi
■ Withholding tax on instructor fees
How to Register a Personal Vehicle as a Business Fixed Asset
■ Use of vehicles acquired prior to starting business for business purposes
■ How to register a personal vehicle as an asset
▷ When registering a vehicle used for household purposes as a fixed asset, the basic value
▷ Passenger car value inquiry
▷ When acquiring used assets, the useful life is applied.
▷ Registering a vehicle as business asset in the name of your spouse
▷ Registering a vehicle as business asset under joint ownership of a married couple
■ Expense processing for vehicles not registered as assets
Conditions for deduction of purchase tax and expense processing of business vehicles
■ Value-added tax purchase tax deduction
▷ Non-commercial small passenger cars are not allowed, but trucks are allowed.
▷ Diesel cars are allowed, but gasoline cars are not?
▷ Purchase tax deduction is not available, but expenses are processed.
■ Cost processing and management methods for business vehicles
▷ Regulations on the Special Cases Concerning the Exclusion of Business-Used Passenger Vehicles from Deductions
▷ Expense processing for personal vehicles of employees
▷ Scope of expenses related to business vehicles
Tax management for business vehicle expenses
■ Scope of business use
■ Non-application of disadvantages to business-use passenger vehicles
▷ Vehicles that are not subject to tax disadvantages in relation to vehicles
▷ Industries that are not subject to tax disadvantages related to vehicles
■ Scope of expenses for business-use passenger vehicles
■ Cases where expenses are recognized even if a driving log is not prepared
▷ Vehicles and industries that are unconditionally recognized
▷ Sign up for employee-only car insurance and keep a driving log
■ What should be recorded in the vehicle operation log
■ Taxation on disposal of personal business vehicles
▷ Sale of vehicles used by individual business owners for business purposes
▷ Sales of vehicles unrelated to business by individual business owners
▷ In case of entrusting the captain with the vehicle for sale, notification of vehicle for sale
Expenses for using employee vehicles for business purposes
■ In case of calculating vehicle maintenance costs at actual cost
■ In case of payment of self-driving subsidy
[Example] If an accident occurs with a company vehicle, the damages are deducted from the salary.
[Example] When an accident occurs with a company vehicle, the company only pays the value-added tax.
[Example] Fines for parking violations such as stopping or stopping are not recognized as expenses.
Contract terms for processing automobile insurance and accident insurance premium expenses
Expense treatment through depreciation (Do I really need to depreciate?)
[Case] The Magic of Depreciation (Financial Soundness When Costs Are Reflected as Assets)
When assets can be immediately expensed without depreciation upon acquisition
■ Application of acquisition stage
▷ If the transaction unit is less than 1 million won
▷ Cases where expenses can be processed regardless of the amount
■ Application of holding stage
■ Application of disposal stage
Is it better to buy a car yourself or lease it?
How much of the corporate business expenses can be recognized as expenses?
[Case] Major Cases Related to Corporate Business Promotion Expenses
■ Proper documentation must be provided.
[Example] Credit cards that individual business owners must use when spending business expenses.
■ Expenses are recognized only within the limits of corporate business expenses.
■ Cases not considered corporate business expenses
[Case] Things to keep in mind when processing corporate business expenses
Document management and expense processing of condolence money, condolence money, and other condolence money from business partners
[Case] Things to keep in mind when paying condolence money to business partners
[Example] What about the 100,000 won spent on an acquaintance’s (friend, senior/junior, relative) opening ceremony and congratulatory gift?
[Case] Efficient Document Management Methods for Spending Condolence Expenses on Business Partners
[Example] Expense processing when sending condolence money and wreaths to a business partner
Documentation management and expense processing for employee wedding congratulatory money, childbirth, and birthday condolence money
[Example] What if I spend 300,000 won on a company employee's first birthday party?
[Example] Cost paid by subscribing to a mutual aid product from a mutual aid company for an employee funeral
[Case] Legal Effects of Employee Condolence Expenses Deducted from Salary and How to Prepare
Management of documentary evidence and expense processing for advertising and promotional expenses, donations, and company dinner expenses
■ Donation
■ Advertising and promotional expenses
■ Department-specific dinner expenses
▷ Company dinner expenses paid with employee personal cards
▷ Dining expenses to watch out for
Management of documentation and processing of hospital expenses for employee accidents during work
■ Hospital expenses unrelated to work
■ Work-related hospital expenses
■ In case of supporting the medical expenses of employees and their families in difficult situations
■ Proof of expenditure when paying hospital bills
[Case] How are expenses for compensation received from the industrial complex after processing a claim?
[Example] Hospital expenses of the CEO unrelated to work (case where the company pays the hospital expenses that the CEO had to pay)
Processing of expenses and fraudulent use of corporate cards, such as use on public holidays
■ Create usage rules for corporate cards.
[Case] Examples of Industries Where Corporate Card Use Should Be Restricted
[Example] Examples of items for which corporate card use is restricted
■ Corporate cards are not unconditionally accepted.
[Example] When proof of corporate card use is required
■ Personal expenses from corporate cards should not be processed as expenses.
■ Beware of fraudulent use of corporate cards.
▷ Dismissal due to fraudulent use of corporate credit card
▷ Unauthorized use of corporate cards for food, transportation, gas, etc.
▷ Unauthorized use of corporate cards at restricted establishments such as entertainment establishments
▷ Illegal use of corporate card gift certificates, suspected fraudulent purchases, and card fraud
▷ Unauthorized use of corporate individual cards
▷ Overseas use
▷ Match the name on the credit card sales receipt with the name actually used
Tax and utility bill documentation management and expense processing
■ Utility bills that are recognized as expenses and those that are not recognized as expenses
■ Fines that are recognized as expenses and fines that are not recognized as expenses
■ Union fee/association fee
[Example] Cost processing for electricity, telephone, and city gas bills
[Case] How to handle advance payment of fines imposed on employees
[Case] Tax treatment of surcharges and late fees for the four major insurance policies
[Case] When a loan is received from a bank in the name of the CEO due to exceeding the company's loan limit.
[Case] Issuance of tax invoices for damages or penalties, value-added tax, and withholding tax
Corporate tax and comprehensive income tax expense recognition
■ Taxes that are recognized as expenses and taxes that are not recognized as expenses
■ Expense recognition for items not subject to purchase tax deduction
[Case] Expense processing of customs duties and customs refunds
This is definitely a security tax audit.
Expense processing of various compensations
■ Settlement amount for withdrawal of wage arrears complaint
■ Settlement amount for unfair dismissal
■ Compensation for industrial accidents and death settlement
■ Processing of supporting documents related to compensation or indemnity
Request for explanation in case of insufficient cost data
■ Actions taken in response to requests for explanation of tax information
■ Amendment report in case of request for explanation of tax information
Chapter 7
4 major insurance practices
Submission of work details confirmation report
Recognition bonus and health insurance premium
Coverage of the four major insurance policies for overseas employees
Four major insurances during maternity leave
Four major insurances during childcare leave
How to deduct the four major insurance premiums from your salary
Those eligible for the four major insurance policies
Reporting of regular working hours and total monthly compensation for the four major insurances
■ 4 major insurance standard working hours
■ Reporting of health insurance monthly salary (total amount)
▷ Report change in monthly salary
▷ Reporting of total health insurance premiums (principles) and exemptions (exceptions)
▷ Reporting of total employment and industrial accident insurance compensation
The assessment and notification dates for the four major insurances
■ Assessment date for the four major insurances
■ Notification date for the four major insurances
Calculation of 1 month as the standard for determining eligibility for the 4 major insurances
■ Determination of work for more than 1 month and work for more than 8 days per month
■ Date of acquisition and loss of qualification
4 major insurance policies for those hired in the same month and those who leave the same month
[Case] 1 day of work, 5 days of work, then 4 major insurances
Summary of the four major insurance companies' main business activities
Reporting of the four major insurance policies for new and retired employees
■ Processing of 4 major insurance tasks according to the date of employment and resignation
[Case] Restrictions on Dual Acquisition of Employment Insurance
■ Acquisition (entry) report
■ Report of loss (resignation)
▷ Distinction between date of transfer, date of resignation (retirement date), and date of loss of qualification
▷ Fill out the resignation report form and confirm whether the report has been submitted.
▷ National Pension Notice
▷ Health Insurance Precautions
▷ Things to keep in mind about employment insurance and industrial accident insurance
Application of the four major insurances to regular workers
[Case] Criteria for determining whether the four major insurances are applicable to each worker
[Case] 4 Major Insurance Coverage When Switching from Regular to Daily Employment
The four major insurances for daily workers, part-time workers, and part-time workers
■ Daily workers
■ Part-time workers
■ Determining whether national pension applies
■ Determining whether health insurance applies
■ Determining whether employment insurance applies
■ Determining whether industrial accident insurance applies
[Case] Four major insurance policies for workers with a fixed-term contract of less than one month
[Case] 4 major insurances for part-time workers with monthly regular working hours of less than 60 hours
■ Criteria for determining whether to subscribe to the four major insurance policies for part-time workers
■ Whether the four major insurances apply according to working hours and period of employment
4 major insurance policies for those aged 65 or older
[Case] Whether employees can sign up for the four major insurance plans before registering a business
If a corporate business has only a representative or the representative is unpaid, the four major insurances
[Case] When the representative of a private business changes from sole representative to joint representative
[Case] Four Major Insurances for Individual Business Owners and Corporate Business Owners
4 major insurance policies for individual business owners and corporate CEOs
Four major insurance policies for executives (directors, auditors), including (non-)registered executives and outside directors
Four major insurance policies for overseas dispatched workers
The four major insurances: worker + worker, worker + business owner, and business owner + business owner.
■ Four major insurance policies for workers and employees
■ Four major insurances for workers + business owners, business owners + business owners
4 major insurances for employees who are CEOs and working at other workplaces
■ Corporate Representative Director
▷ In case of receiving salary as a corporate representative director
▷ In case no salary is paid as a corporate representative director
■ Individual business representative
[Example] 4 major insurances for those who register as self-employed while working
Four major insurance policies for family companies and their relatives
■ Determination of worker status of family members (relatives)
▷ Determination of worker status of relatives covered by employment insurance and industrial accident insurance
▷ Whether a relative living with the CEO of a corporation is considered an employee
▷ Example of employment relationship confirmation materials (evidence materials)
■ National Pension and Health Insurance
■ Employment and Industrial Accident Insurance
Reporting of the four major insurance policies at the head office and branches
■ Reporting the establishment of the four major insurance policies at the branch
■ Branch staff are managed by the head office.
■ Report on-site day laborers to the head office
How to deduct the four major insurance policies in the month you receive a bonus
[Case] Managing the Four Major Insurances in a Business with Temporary or Monthly Payroll Fluctuations
Settlement of the four major insurance retirees upon retirement
[Case] Annual Schedule of the Four Major Insurances
Year-end settlement of health insurance premiums for retirees
National Pension Total Income Report
Chapter 8
Table of Contents of Practical Cases
· Whether scanned evidence is recognized under tax law
· Please tell me the type of documentation for each account subject.
· Accounting treatment examples at the time of settlement
· Interrelationship of financial statements
· Things to keep in mind when viewing K-IFRS financial statements
· What you can see from the (comprehensive) income statement
· Short-term plan preparation and management procedures
· Fund forecasting procedures
· Types of payroll tasks that accounting staff must perform
· What is the standard time for calculating regular wages?
· Distinction between bonuses and allowances included in regular wages
· Example of calculating standard hourly wage
· Minimum wage calculation examples
· Can I pay a % or % of my salary during the training period?
· How to calculate the salary of an employee who has not worked for a full month
· Everything you need to know about calculating holiday pay
· Calculation method of weekly holiday allowance when working hours are different each week
· Example of calculating allowances for overtime work + night work, holiday work + night work
· Calculation table for monthly annual leave
· Example of calculating annual leave when working less than 100% per year
· Calculation table for annual leave by year
· Calculation table for annual leave based on fiscal year
· Calculation method of annual leave based on the date of employment and fiscal year upon resignation
· Annual leave retirement settlement calculation formula
· The standard wage period that serves as the basis for payment of annual leave allowance
· Calculation example of dividing comprehensive wages and fixed OT
· Various taxes and utility charges deducted from salary when salary is paid
· Calculation and reporting period of salary tax at a glance
· The difference between wages as defined by the Labor Law and salary as used in everyday life
· Difference between withholding tax receipt and payment statement
· The amount that daily workers do not have to pay taxes on
· Decision on small-sum tax collection for daily workers
· Personal card usage amount of daily workers, part-time workers, and .% business income workers
· Submission of work details confirmation report
· Employment insurance premium assessment classification symbol
· How to fill out the National Tax Service daily wage income report section when submitting the employment content confirmation report
· Cases of determining the number of months used as the standard for daily workers under tax law
· Example of calculating withholding tax for daily workers
· Deadline for submission of payment statement for daily workers' wages not paid by the month
· Pros and cons of converting an income earner to a worker
· How to apply the simplified tax table
· Withholding tax case for the month in which bonus is paid
· Insurance for daily commute and daily leave
· Recognition bonus and health insurance premium
· Problem with applying a single tax rate on profits from providing housing to foreigners
· Total health insurance benefits
· How to file year-end income tax settlement for employees hired in the same month and resigned in the same month
· Overseas employee insurance processing
· How to deduct your salary from your paycheck
· National Pension Insurance Premium Rate
· Health insurance premium rates
· Employment insurance premium rate
· Automatic calculation of major insurance premiums
· Types of tax exemptions applicable to large deductions
· Report changes in monthly salary when salary increases or decreases
· What if a tax refund is generated as a result of the year-end tax settlement for those who resign midway through the year?
· How to reflect year-end tax refund and tax payment amounts in payroll ledger
· If I treat it as welfare expenses, is it always tax-free?
· Value-added tax and withholding tax on gift costs for holidays, birthdays, and company anniversaries
· Deduction rate for necessary expenses from other income
· Standard for the amount that does not require payment of other income tax (minimum taxable income)
· It is advantageous if personal service income is classified as other income.
· Things to keep in mind when personal service income is classified as business income
· Is the instructor fee considered business income or other income?
· If business income is incorrectly reported as other income
· In case of providing caddy fee, receipt of qualified proof or withholding tax on business income
· Example of calculating withholding tax late payment surcharge
· Scope of special related parties
· Whether to report withholding tax if there is no withholding tax to be paid
· How to write a withholding tax compliance report when income with different attribution months (payment months) is paid together in the same month.
· How to write a report on withholding tax compliance when waiving semi-annual payment
· If the report is submitted with an incorrect entry of the date of attribution or the date of payment
· Distinction between tax exemption for submission and tax exemption for non-submission
· Reasons for differences between the total payment amount on the withholding tax performance report and the total salary amount on the payment statement
· How to write a report on withholding tax compliance when a person resigns
· Differences in monthly or year-end salary accounting
· Reporting of withholding tax compliance status when paying unpaid wages in a lump sum
· Example of preparing a report on withholding tax compliance status in case the monthly salary is not paid by the end of the month
· Surcharge on daily worker payment statement
· Timing for submission of payment statements for retirement pay for retirees at the end of the month and performance bonuses received at the beginning of the year
· How to submit a revised report on withholding tax compliance status
· Submission of a simplified payment statement and payment statement
· Timing for submission of severance pay statement for employees who retired at the end of the month
· Timing for submission of simplified statement of monthly earned income
· Can you tell me about the process of introducing a retirement pension?
· What will happen to the previous retirement allowance when the retirement pension system is introduced?
· Can defined contribution (DC) and defined benefit (DB) retirement pensions be converted to each other?
· Should bonuses (performance-based pay) be paid proportionally to retirees?
· When should wages and severance pay be paid?
· Severance pay upon immediate resignation after leave (childcare, childbirth, sick leave, probationary period)
· Payment of unused annual leave allowance in the defined contribution (DC) pension system
· If the salary is increased during the childcare leave period, payment of the defined contribution (DC) retirement pension
· If you have paid too little or too much retirement pension
· DC-type retirement pension payment during maternity leave and childcare leave
· Method of depositing bonus (performance bonus) into retirement pension
· Attribution of retirement pension contributions to employees with less than 1 year of service
· Attribution of retirement pension contributions to employees with less than one year of service
· DC-type retirement pension contribution when retroactive application of wage increase through wage negotiation
· If you have not deposited money into your personal IRP or have deposited money into it, prepare a report on the status of withholding tax compliance.
· Even if retirement benefits are not paid, retirement income tax is paid (subject to payment timing).
· How to handle business when using a personal card for business purposes
· How to determine the standard amount when receiving qualified documentation (meaning per unit)
· Businesses excluded from receiving qualified documentation
· Transactions exempt from receiving eligible documentation (remittance details including expenses must be submitted)
· Eligible proof of credit card usage from another corporation
· Documents that must be provided by the company even if you entrust the captain
· Things to check before sending money to a business partner
· If an electronic tax invoice is not issued by the end of the month following the date of supply, a surcharge will be imposed.
· If an electronic tax invoice is not issued within the deadline for filing a final report accelerating the time of supply, a surcharge will be imposed.
· Taxes and surcharges for issuing processed tax invoices
· Items that must be included for the tax invoice function (required information)
· Surcharge on tax invoices that are not true
· Criteria for judging transactions based on data
· Issuance of negative tax invoices in case of default of business partner
· Document management when transacting with non-business entities (individuals)
· Issuance of (revised) tax invoices and value-added tax reporting for closed businesses
· Documents that do not qualify for a purchase tax deduction even if received
· Proof of purchase tax deduction upon receipt
· Cases where purchase tax deduction is not available even if a tax invoice is received
· Tax deduction on purchase of food expenses for self-employed individuals
· Purchase tax deduction for internet and mobile phone charges
· All payment notices from the rental office will be changed to the tenant's name.
· Purchase tax deduction if your home is your office
· Calculation of rent and deemed rent when rent is not received and deducted from the rental deposit
· When selling fixed assets (excluding land and buildings) (those required to confirm honest reporting and keep double-entry bookkeeping)
· Exclude the income amount for the sale of fixed assets by corporate business operators, business vehicles, tools and equipment, ships and aircraft, machinery, etc. of individuals subject to double-entry bookkeeping (excluding those subject to simplified bookkeeping).
· Simplified taxpayers who issue tax invoices file value-added tax returns every month
Documents that practitioners must prepare when filing value-added tax returns
· Submission of documents when entrusting a captain to an agent
· Even if you don't pay taxes, you must file a report.
· Surcharge for missing sales
· Surcharge for missing transmission and sales
· Surcharge for late filing
· The standard for condolence money is 10,000 won, including the wreath.
· Example of family employment relationship verification documents (proof documents)
· Processing of meal expenses for corporate representatives and private company presidents
· Account items for company food expenses and value-added tax
· Things to keep in mind when using an employee's personal card for year-end tax settlement
· Limit on amount recognition when using personal or corporate credit cards
· Do I need to collect physical corporate card receipts?
· Management of eligible proof of corporate check cards
· Purchase tax deduction when receiving a credit card sales receipt from a simplified taxpayer
· Reasonable tax accounting for travel expenses
· If real estate rental business is not listed on the business registration certificate, submit a statement of real estate rental supply price.
· Dormitory rental fees provided to freelancers subject to withholding tax on business income
· In-house gym, daycare center, and dormitory
· How to calculate the exchange rate for overseas business trip expenses
· If you pay for a business partner's overseas travel expenses
· Requirements for tax-exemption of tuition
· Tax exemption on subsidies for employee certification acquisition costs and training expenses
· Employee recruitment expenses and instructor fees payment and withholding tax
· Expenses are recognized when receiving foreign language lessons from a foreign individual.
· If the company pays the certification exam fee
· Commercial vehicles as defined in the Value Added Tax Act
· How to process expenses when using a vehicle registered under an employee's personal name for corporate business purposes
· Industries not subject to special provisions such as non-deduction of expenses related to business-use passenger vehicles
· Value added tax when selling a vehicle through a second-hand dealer or through a transaction with an acquaintance
· Summary of how to handle expenses when using employee vehicles for business purposes
· If an accident occurs with a company vehicle, the damage amount is deducted from the salary.
· In case of an accident involving a company vehicle, the company only pays the value-added tax.
· Fines for parking violations such as stopping or stopping are not recognized as expenses.
· Case of additional tax on private use of business vehicles
· The magic of depreciation (financial soundness when reflecting expenses as assets)
· Comparing vehicle purchase and leasing
· Major cases applicable to corporate business promotion expenses
· Credit cards that individual business owners must use when spending business expenses
· Things to keep in mind when processing corporate business expenses
· Things to keep in mind when spending condolence money on business partners
· Calculation of corporate business promotion expenses limit
· How much did you spend on the opening ceremony and congratulatory gift for an acquaintance (friend, senior/junior, relative)?
· Efficient management of documentation when paying condolence money to business partners
· Expenses for sending condolence money and wreaths to business partners
· Criteria for determining the amount that distinguishes between corporate business promotion expenses and advertising and publicity expenses
· What if I spend 10,000 won on a company employee's first birthday party?
· The amount paid by subscribing to a mutual aid product from a mutual aid company for an employee funeral
· Legal effect and preparation methods for employee condolence money deducted from salary
· What is the processing of compensation expenses received from the industrial complex after processing the fantasy?
· Hospital expenses of the CEO that are not related to work (if the company pays the hospital expenses that the CEO had paid)
· Examples of industries where corporate card use should be restricted
· Examples of items for which corporate card use is restricted
· If proof of corporate card use is required
· Damages incurred when expenses are not recognized after using a corporate card
· Cases to watch out for when using corporate cards
· Processing of electricity, telephone, and city gas bills
· How to handle advance payment of fines imposed on employees
· Tax treatment of insurance surcharges and late fees, etc.
· In case a loan is received from a bank in the name of the CEO due to exceeding the company's loan limit
· Issuance of tax invoices for damages or penalties and withholding of value-added tax
· Tax treatment of penalty for contract termination
· Tax treatment of damages based on court decisions, etc.
· Taxes that are recognized as expenses and taxes that are not recognized as expenses
· Expense processing of customs duties and customs refunds
· Most frequently detected cases by the National Tax Service
· Disadvantages when filing a revised report after receiving a request for explanation of tax information from the tax office in charge
· Calculation of standard working hours when reporting total insurance premiums
· Cases where reporting of total health insurance premiums is exempted
· Schedule for reporting total health insurance benefits
· If you have reported a large insurance premium and the monthly premium is notified for the following month (notification base date)
· The meaning and calculation method of months, which is the standard for determining the number of subscribers to major insurance
· Types of insurance that must be deducted when joining or leaving the same month
· When reporting an employee who has worked for a few days and then resigned as a daily worker
· Insurance for daily commute and daily leave
· Difference in insurance premium deduction amount according to date of employment and date of retirement
· Restrictions on double acquisition of employment insurance
· Calculation of the date of transfer, resignation, and loss of qualification
· Criteria for determining whether or not to apply insurance to each worker
· Insurance processing when switching from regular to daily employment
· Coverage of major insurance for part-time workers
· Insurance for workers with a fixed term of less than one month
· Insurance for part-time workers whose monthly regular working hours are less than 1 hour
· Determining whether or not major insurance is applicable based on age
· Whether employees can sign up for insurance before registering a business
· Unpaid Representative vs. Insurance Reporting Form
· When the representative of a private business changes from sole representative to joint representative
· Insurance for individual business owners and corporate business directors
· Insurance subscription for the representative director of a corporation who is an unpaid representative director
· If you have a second job, you can apply for health insurance.
· Businesses that receive priority when obtaining dual employment insurance
· If you are registered as a self-employed person while working, you will be covered by insurance
· Proof of the relative's employment status
· Management of insurance for businesses with temporary or monthly salary fluctuations
· Annual insurance schedule
· Method of deducting insurance premiums upon joining or leaving the company
From issuing invoices to settling accounts
Self-owned company accounting work
Labor and four major insurance tasks
Key processes of payroll work
Key tasks performed by the human resources department41
Account subjects are not strictly defined on a case-by-case basis.
■ Account subjects are not determined for each case.
■ Do the issuance dates of the voucher and tax invoice have to match?
Issuance and receipt of general and purchase/sales vouchers, and storage methods
■ Difference between the issuance date of the voucher and tax invoice
▷ The issuance dates of the voucher and tax invoice are different.
▷ Can I compile the transaction history for one month into one sheet and issue it?
■ Efficient storage methods for vouchers and tax invoices
■ Do I need to keep a separate tax invoice that can be checked on Hometax?
▷ Cases where the original does not need to be kept
▷ If you need to keep the original
[Case] Whether scanned evidence is recognized under tax law
▷ Retention period of tax-related evidence
Method of issuing deposit and withdrawal voucher replacement vouchers
■ How to write a deposit slip
■ How to write a withdrawal slip
■ How to write a replacement voucher
Management of key accounting ledgers
■ Purchase and sales ledger management
▷ Sales ledger and sales source ledger
▷ Ledger by purchase location and purchaser
■ Voucher Management
■ Bankbook management
■ Tax invoice management
▷ Sales tax invoice management
▷ Purchase tax invoice management
▷ Tax invoice management
■ Corporate card management and personal card management
■ Stock Management
■ Key Assistant Directors
■ General receipt management
■ Inventory management
■ Cost management
■ Human Resources Management
■ Business such as company rules and regulations that a corporation must have
Cash management for income and expenditure
■ Parties responsible for income and expenditure management
■ Usefulness of income and expenditure management
■ Income and expenditure management through accounting staff
Transactions that must always be managed as they are frequently subject to tax audits
■ Missing sales
■ Processing cost accounting
■ False accounting of labor costs
■ Treating private expenses as corporate expenses
■ Unfair transfer of income through transactions
■ Manipulation of import and export transactions
■ Identity theft
■ Omission of rental income
Tips for managing business expenses (entertainment expenses)
■ Check the business promotion expenses (entertainment expenses) limit
■ Obtaining supporting documents (mandatory use of corporate card)
■ Clarify the purpose of expenditure
■ Establishment of regulations for expenditure of internal business expenses (entertainment expenses)
■ Regular monitoring and inspection
■ Precautions for spending business expenses
Corporate accounting settlement order
■ Settlement order using the program
■ Settlement accounting matters
■ Matters to note when filing corporate accounts
■ Prepare the company's financial statements directly and submit them within the statutory deadline.
Accounting treatment of closing items
■ Profit and Loss Account Summary
▷ Player earnings settlement summary
▷ Prepaid Expense Settlement Summary
▷ Settlement of accrued revenue
▷ Settlement of unpaid expenses
■ Clearance of unused consumables
■ Securities valuation
■ Settlement of advance payments and advance payments
■ Value-added tax offset
■ Conversion of foreign currency assets and liabilities
■ Cost confirmation
■ Inventory asset write-down loss (loss due to inventory asset physical inventory)
■ Cost of sales accounting
■ Liquidity replacement for long-term borrowings
■ Depreciation expense accounting
■ Annual leave allowance settlement statement
■ Bad debt allowance settlement statement
■ Establishment of retirement benefit reserve liabilities
■ Cash over and under account management
■ Accounting for corporate tax expenses
■ Substitution of retained earnings for net income (profit and loss)
■ Settlement of withdrawals for individual business owners
■ Closing statement of accounts
Understanding the Interrelationships of Financial Statements
■ Meaning of financial statements
■ Types of financial statements
■ Individual financial statements, separate financial statements, consolidated financial statements
■ Interrelationships of financial statements
■ Site where you can view financial statements
[Case] Things to Consider When Viewing K-IFRS Financial Statements
A balance sheet that shows a company's financial status
■ Assets in the financial statements
■ Liabilities in the financial statements
■ Capital in the financial statements
■ Format of financial statements
■ How to arrange account subjects
[Case] Method of Presenting Financial Statements under Korean International Financial Reporting Standards
Income statement that shows the company's business performance
■ Understanding Revenue Account Subjects
■ Understanding expense account subjects
■ Relationship between revenue and expenses
■ Calculating net profit and loss for a sole proprietorship
[Case] What You Can Learn from the (Comprehensive) Income Statement
Statement of changes in equity showing the status of capital changes
Cash flow statement showing the company's cash inflows and outflows
■ Principles for preparing a cash flow statement
▷ Scope of cash in the cash flow statement
▷ Divide cash flow into three activities
▷ Display of total cash flow changes
■ Differences between direct and indirect methods
Retained earnings disposition statement and deficit disposition statement
Notes and appendices
Eligibility for lease (financial lease and operating lease) and rental
■ Distinction between lease and rent
■ Eligible proof of lease and rental
▷ Transfer of financial leased vehicles and issuance of tax invoices
▷ Transfer of operating leased vehicles and issuance of tax invoices
Preparation of an accounting handover document
■ Personnel-related matters
■ Matters concerning organizational structure
■ Handover of accounting books and internal files (Excel, etc.)
■ Matters related to salary payment and the four major insurances
■ Fund transfer and management methods
■ Matters concerning management consulting
Chapter 2
Fund management and financial planning
Financial planning and financial circulation process
■ What is money?
■ The meaning and purpose of financial management
■ Definition of financial plan
■ Comparison of profit plans and financial plans
■ Types of funds and circulation process
[Case] Short-term plan preparation and management procedures
[Case] Fund Forecasting Procedure
Working capital management
■ Why is operating capital management important?
■ Key elements of operating capital management
■ Strategies for Effective Operating Capital Management
■ Fund Management and Investment
■ Payment and accounting processing
■ Risk Management
Financial management of small and medium-sized enterprises (financial status to be reported to the CEO)
■ The Importance of Fund Management
■ Funding and Fund Management
■ Financial status to be reported to the CEO
■ Financial status that the CEO wants to see reported
■ Reporting by period
How to Develop a Financial Plan
How to prepare a cash flow plan
■ Fund flow analysis
[Case] Considerations when Reviewing Appropriate Levels
■ How to prepare a cash flow plan
■ Criteria for determining suitability of financing and operation
Establish a financing plan
■ The Importance of Establishing a Funding Plan
■ Considerations when establishing a financing plan
■ Procedure for establishing a financing plan
▷ Startup industry
▷ Manufacturing
▷ Franchise industry
▷ IT industry
▷ Construction industry
■ Things to keep in mind when planning financing
■ Funding Plan Formulation Table
Borrowing and Relationships with Financial Institutions
■ The impact of borrowing on a company
■ Building relationships with financial institutions
■ Credit rating management
Chapter 3
Salary calculation and withholding tax
Payroll tasks that accounting staff must perform
Working hours for salary calculation
■ Statutory working hours
■ Regular working hours
■ Standard hours for calculating regular wages (paid working hours)
How to calculate regular hourly wage
■ Calculate the monthly regular wage.
■ Calculate the standard hours for calculating regular wages.
■ Calculate the regular hourly wage.
▷ Calculation of regular hourly wages in cases where there are no overtime hours
▷ Calculation of regular hourly wage in case of overtime work
How to calculate the minimum wage
■ Determination of violation of minimum wage
■ Wages not included in the minimum wage
■ Minimum wage, generally calculated simply
■ Calculation of minimum wage
[Case] Can 80% or 90% of salary be paid during the training period?
■ Obligation to notify minimum wage
How to calculate salaries for employees who joined or left during the month
Calculation method of holiday pay
■ Requirements for accruing holiday pay
■ Calculation formula for holiday pay
[Example] Calculating weekly holiday pay when weekly working hours vary
How to calculate overtime pay
■ Procedure for calculating overtime pay
▷ Add up all the amounts you receive on a fixed monthly basis (regular wages).
▷ Divide the amount of the regular wage by 209 (hourly wage calculation).
▷ Calculate the regular hourly wage (1.5 times for overtime work, 2 times for night work, and 1.5 times for holiday work).
■ Wage calculation formula for overlapping holidays, overtime, and night work
Calculation of annual leave and annual leave allowance
■ Monthly annual leave (monthly leave) accrued after 1 month of work
■ Annual leave (annual leave) accrued when working more than 80% of the year
▷ Annual leave granted when attendance is less than 80% for one year
Annual leave for attendance below 80%
Annual leave if attendance is less than 80% and attendance is more than 80% in the following year
▷ Annual leave accrued when working more than 80% of the year
Calculation of annual leave based on date of employment
Calculating annual leave based on fiscal year
■ Settlement of annual leave for employees who have resigned
▷ Annual leave calculation standards
▷ Retirement settlement of annual leave
■ Calculation of annual leave allowance
▷ Annual leave allowance for monthly annual leave
▷ Annual leave allowance for annual leave
How to divide comprehensive wages into base pay and fixed OT
Calculating the amount to be deducted when paying salary
Salary-related tax reporting process
[Case] The difference between wages as defined by labor law and salary as used in everyday life.
[Case] Differences between Withholding Tax Receipts and Payment Statements
Withholding tax on earned income by worker
Withholding tax and reporting obligations for daily workers
[Case] Decision on Small Amount Tax Collection for Daily Workers
[Case] Personal card usage amount of daily workers, part-time workers, and workers with 3.3% business income
■ Four major insurances for daily workers
■ Submission of work details confirmation report
■ Calculating daily worker taxes
■ Daily worker payment statement
[Case] Pros and Cons of Converting an Income Earner to a Wage Earner
Withholding tax on salaries and bonuses of regular employees
■ Monthly salary withholding method
■ Withholding tax on bonuses
▷ How to calculate and pay bonuses
▷ Companies that settle accounts at the end of the year
■ Compensation not considered earned income
■ Tax exemption on earned income
▷ Tax-free allowance of up to 200,000 won per month
▷ Tax-free allowances subject to conditions
▷ Fully tax-free allowance
■ 4 major insurances applied
■ 4 major insurance policies for regular workers hired in the same month and resigned in the same month
[Case] 1 day of work, 5 days of work, then 4 major insurances
■ 4 major insurances for the month with bonus
Withholding tax on recognition bonuses
■ Agenda on the cause of occurrence and payment period of recognition bonus
■ Income Tax Reporting Procedure
■ Other considerations
■ Guidelines for filling out the Withholding Tax Performance Report
■ Submit payment statement
■ Withholding tax reporting and payment
■ Local income tax on recognition bonus
■ Payment of the recognition bonus amount by the corporation
■ Recognition bonus and health insurance premium
Withholding tax on additional performance-based pay after retirement
■ Timing of withholding tax on performance-based pay
■ Timing of withholding of performance-based pay after retirement
■ Correction report of the four major insurance policies for performance-based pay after retirement
Withholding tax on foreign workers
■ Monthly withholding tax for foreign workers
■ Year-end tax settlement for foreign workers
[Case] Issue with the 19% single tax rate on profits from housing provided to foreigners
How to deduct current month's joining and leaving salary
■ Salary (payment amount) calculation
■ Calculating deduction amount
▷ 4 major insurance premiums
▷ Income tax and local income tax?
How to deduct taxes from overseas dispatched workers
■ Criteria for determining residents and non-residents
■ Withholding tax on domestic salary payments
▷ Exchange rate when salary is paid in foreign currency
▷ Non-taxable income from domestic payments
▷ Earned income deduction for overseas earned income
■ Withholding tax on overseas salary payments
■ Workers with overseas employment income must file a comprehensive income tax return.
Coverage of the four major insurance policies for overseas employees
How to deduct taxes from short-term workers who work less than 15 hours a week
How to deduct taxes during maternity leave
How to deduct taxes during parental leave
■ Childcare Leave and Tax Calculation
[Case] Total health insurance benefits
How to deduct the four major insurance premiums from your salary
■ National Pension and Employment Insurance
■ Two ways to deduct health insurance premiums
▷ How to deduct according to the rate
▷ How to deduct according to the notice
■ Report the four major insurances when your monthly salary changes
■ Calculation method for the four major insurance premiums deducted from salary
■ Report change in monthly salary when salary changes
Salary settlement for those who leave the company mid-term
■ Year-end tax settlement for those who left the company during the year
[Case] What if a tax refund is issued as a result of the year-end tax settlement for a person who resigned midway through the year?
■ Year-end settlement for continuing regular workers
[Case] How to Reflect Year-End Tax Refund and Tax Payment Amounts in Payroll Ledger
Year-end tax settlement in case of re-employment at the same company after resignation
Welfare expenses are not always tax-exempt.
■ Use of company buses for commuting
■ Scholarships received from the in-house employee welfare fund
■ Condolence expenses related to weddings, portraits, and other special occasions
■ Gift expenses for holidays, birthdays, and anniversary
■ Departmental dinner expenses
■ Amount lent by the company to employees
■ Tuition, training allowance, commissioned education fee, merit pay
■ Tuition and book purchase subsidies, etc.
■ Employee cell phone usage fee burden
■ Hospital expenses borne by employees in case of work-related accidents
■ Travel expense subsidy amount for long-term employees
■ Health checkup and physical training expenses
■ Tax treatment of workshop expenses
■ When granting individual welfare points to employees
■ Clothing cost subsidy
■ Subsidy for personal expenses of company housing
■ Company payment for golf course usage fees and condo usage fees
How to write a wage statement
■ How to write a payslip
■ Exceptions to the wage statement
Withholding tax on miscellaneous income and business income
■ Distinction between other income and business income
▷ Fee for lectures
▷ Advisory fee
▷ Income classification according to transfer and rental of patent rights, etc.
▷ Income classification of literary creation income (manuscript fees, royalties, etc.)
▷ Income from brokerage fees
■ Withholding tax on other income
▷ Minimum taxation limit for other income
▷ Taxation of other income
▷ Other Income Withholding Tax Receipt
[Example] It is advantageous if personal service income is classified as other income.
■ Withholding tax on business income
[Case] Things to keep in mind when personal service income is classified as business income
[Case] Is lecture fees considered business income or other income?
[Example] Incorrectly reporting business income as miscellaneous income
[Example] In case of providing caddy fee, receipt of qualified proof or withholding tax on business income
Processing of labor costs without withholding tax report
■ Expense processing of unreported wages
■ Penalty for failure to provide proof of labor costs
■ Surcharge for failure to report labor costs
Withholding tax on non-business interest between individuals, individuals and corporations, and corporations
■ Withholding tax on non-business income
■ Withholding tax when an individual pays interest to another individual
■ Withholding tax when an individual pays interest to a corporation
▷ When an individual files a withholding tax report directly
▷ In case of a contract of agency with a corporation
■ Withholding tax when a corporation pays interest to another corporation
▷ How to report withholding tax
▷ Loans between related corporations
■ Withholding tax when a corporation pays interest to a financial institution
■ Withholding tax on wholesalers
How to fill out the Withholding Tax Compliance Report
■ How to write a report on withholding tax compliance for monthly (semi-annual) payment businesses
■ How to write the month of attribution and month of payment when salary is paid over two months
[Case] Reporting of withholding tax compliance status when paying unpaid wages in a lump sum
Withholding tax correction report
■ Cases requiring a revised report
▷ Reason for revision report
▷ Things to keep in mind when filing a revised report
▷ If there is a difference between the amount on the withholding tax performance report and the amount on the payment statement
■ If modification is made before the regular reporting date (10th day of the month following the payment date)
■ In case of modification after the regular reporting date (10th day of the month following the payment date)
■ Fill out the withholding tax compliance report
Submission of simplified payment statement and payment statement
■ Payment statement
[Case] Surcharge on Daily Worker Payment Statement
[Example] Timing for submission of payment statements for retirement pay and performance bonuses received at the beginning of the year for retirees who retire at the end of December
■ Simplified Payment Statement
Chapter 4
Payment of retirement pay and retirement pension and retirement income tax
Comparison of retirement allowances and pension systems
Retirement pension introduction procedures and operation process
■ In case of retroactive application when retirement pension is introduced
■ Before introduction, retirement allowance; after introduction, retirement pension operation
■ Transition of the retirement pension system
Practical handling of retirement pensions and how to receive them
■ Types of retirement benefits in the retirement pension system
■ Procedure for receiving retirement pension
■ If you are looking for a retirement pension before retirement
■ How to transfer retirement pension to IRP
▷ If an employee chooses a financial company before retirement and signs up for an IRP
▷ If you have not signed up for IRP by the time of retirement
■ Is it possible to transfer the retirement pension business operator?
■ Mutual conversion of retirement pension types into DB and DC types
Calculating the contribution amount and retirement allowance for defined benefit (DB) pension plans
■ Requirements for payment of retirement pay
■ Criteria for retirement date (last day of work or the day after the last day of work)
■ How to calculate retirement pay
■ Payment of retirement benefits
[Case] Should bonuses (performance-based pay) be paid proportionally to retirees?
[Case] Until when must wages and severance pay be paid?
[Example] Severance pay upon immediate resignation after leave (childcare, childbirth, sick leave, probationary period)
Calculating the contribution amount for a defined contribution pension (DC type)
■ Defined contribution pension subscription period
■ Payment of defined contribution pension contributions
▷ Burden level and timing
▷ Late interest on the payment of the deposit itself
■ Calculation of burden for vacation, leave of absence, and suspension of business
▷ Maternity leave period
▷ Childcare leave period
▷ Period of leave of absence due to personal reasons
▷ Period of suspension due to reasons attributable to the worker, such as unauthorized absence
■ Calculation of burden when paying various allowances
▷ Unused annual leave allowance
▷ Severance pay
▷ Salary increase amount
■ Salary payment upon retirement
[Case] If you pay too little or too much retirement pension
[Case] DC-type retirement pension payment during maternity leave and childcare leave
[Case] Method of Contributing Bonus (Performance Pay) to Retirement Pension
[Case] Attribution of retirement pension contributions to employees with less than one year of service
[Case] DC-type retirement pension contribution when retroactive application of wage increase through wage negotiation
Differences in the calculation methods for retirement pension (including DB type) and DC type retirement pension savings
Calculating DC-type retirement pension savings when leaving the company during the year
■ Total wages, which is the accumulated amount
■ DC-type retirement pension contribution calculation method
Retirement pension payment procedures and attached documents
■ Payment method of retirement pay and retirement pension
■ Retirement pension payment procedures
▷ Before retirement, workers choose a financial company and sign up for an IRP.
▷ If the worker does not join the IRP by the time of retirement
■ Documents to be attached when applying for retirement pension payment
■ Payment date of retirement pay and retirement pension
Calculation of retirement income tax
■ Retirement Income Tax Calculation Structure
■ Withholding tax on retirement income
■ Agenda for payment timing of retirement income
■ Issuance of withholding tax receipt and submission of payment statement
■ Special tax settlement provisions for retirement income
■ Retirement Income Tax Base Confirmation Report
Chapter 5
Eligibility documentation and value-added tax reporting
Even if you don't know anything about taxes, managing your documentation is essential.
■ Not all supporting documents are submitted when filing taxes.
■ How to handle cases where a corporate card is used for personal purposes
You should know this much about eligibility.
■ Types of Eligible Documents
■ Cases where expenses are recognized even without proper documentation
■ Tax penalties for not receiving proof
■ Period for which eligible evidence must be kept
[Case] Eligible proof of credit card usage from another corporation
Managing supporting documents for tax savings
[Case] Things to check before sending money to a business partner
Surcharge cases related to (electronic) tax invoices
■ Surcharge related to issuing electronic tax invoices
■ In case the tax invoice is not issued at the time of supply and is issued late
■ Surtax and purchase tax deduction for receipt of tax invoice
■ If required information on the tax invoice, such as the date of issuance, is incorrectly entered.
■ If the supply date and the date of preparation are the same but the issuance date is late
Issuing revised tax invoices to align data between business partners
■ Processed tax invoice
■ Tax invoices that are different from the facts
■ Data Transaction
Negative tax invoice preparation and surtax
■ Surcharge for non-issuance (delayed issuance) of negative tax invoice
■ Surcharge in case of failure to report a negative tax invoice
■ Difference between a negative tax invoice and a revised tax invoice
[Case] Issuing a negative tax invoice when a business partner goes bankrupt
If the seller does not issue a tax invoice
■ Purchaser-issued tax invoice system
■ Businesses that can issue purchaser-issued tax invoices
■ Procedure for issuing a purchaser-issued tax invoice
■ Is there a limit on the amount for requesting transaction confirmation?
If there is no proof, instead of receiving cost recognition, you will be subject to a penalty for lack of proof.
■ In case of paying surcharge for insufficient documentation
■ In case of failure to pay the surcharge for insufficient documentation
■ When to pay the surcharge for insufficient evidence
Management of supporting documents when transacting with simplified taxpayers and non-businesses
■ Eligible documentation when transacting with a simplified taxpayer
■ Transactions with non-business entities
■ Transactions with closed businesses
Management of expenditures and supporting documentation eligible for purchase tax deduction
■ The starting point for purchasing tax deduction is managing supporting documents.
■ Even if purchase tax deduction is not possible, expense processing is possible.
■ Employee meal expenses are subject to purchase tax deduction
[Case] Tax deduction for purchase of food expenses for self-employed individuals
■ Purchase tax deduction for labor and welfare expenses
■ Purchase tax deduction for utility bills
[Example] Purchase tax deduction for internet and mobile phone charges
[Example] All payment notices from the rental office are changed to the tenant's name.
[Example] Purchase tax deduction when your home is your office
■ Purchase tax deduction for travel expenses used for domestic and international business trips
Expenses that must be treated as non-deductible purchase tax
■ Items not subject to purchase tax deduction are also recognized as expenses.
■ Items for which additional purchase tax is not deductible
■ Purchase tax not deducted when transacting with a simplified taxpayer
In case of non-receipt of rent, VAT tax base and issuance of tax invoice and deemed rent
■ Calculation of deemed rent for real estate rental deposit
■ Tax treatment of deemed rental income
Excluding value-added tax revenue when selling a vehicle
VAT reporting and payment methods
■ People who must report and pay value-added tax
■ When should I report my performance?
[Example] Simplified taxpayers who issue tax invoices file value-added tax returns in July
■ What are the disadvantages of not paying?
■ Do I need to report even if I have no performance?
■ How do I file a value-added tax return?
■ What are the benefits of filing electronically?
■ Value-added tax reporting for simplified taxpayers
■ Exemption from payment obligation for simplified taxpayers
■ Notice of intention to become a simplified taxpayer
■ What documents must be attached to the value-added tax return?
[Case] Documents to be prepared by practitioners when filing value-added tax returns
[Example] Document submission when entrusted with a captain's agency
■ How to report if you fail to report within the reporting deadline
■ How do I pay value-added tax?
■ When will the value-added tax refund be issued?
■ If you cannot pay within the payment deadline
[Example] Even if you don't pay taxes, you must file a report.
Hometax Value Added Tax Electronic Filing
VAT amendment report, correction request, late report
■ VAT Correction Report
▷ Surcharge for amended report
▷ Regulations on reduction of surcharge for amended returns
▷ How to file a correction
■ VAT correction request
■ VAT reporting after deadline
▷ Late filing surcharge
▷ Regulations on reduction of late filing surcharge
▷ How to report after the deadline
■ Amendment report and correction request for early refund
▷ Amendment or correction request for early refund report
▷ Surcharge applied when sales or purchases are omitted for early refund reporting
Chapter 6
Expense processing to reduce corporate tax (income tax)
Basic principles of expense recognition under tax law
■ Check eligibility for expense reimbursement
■ Check for business-related expenses
■ Check for missing sales revenue
26 Essential Checkpoints for Legal Expense Processing
■ Only work-related expenses are recognized as expenses.
■ No matter how much you emphasize the importance of providing proper documentation, it is still important.
■ Individual business owners must register their business cards with the National Tax Service.
■ Benefits of using a business account
■ Refrain from using business cards for personal use.
■ Expense processing of credit card usage amount
■ Things to keep in mind when making personal expenses with a company card
■ Tax loss from corporate cards that are not recognized as expenses
■ Corporate business expenses can be paid using a corporate card or business card.
■ Labor costs must be paid to the employee's personal account.
■ Self-employed person's salary and family salary
■ President (CEO) Health Insurance Premium and National Pension
■ Lunch allowance for business income earners
■ There is no income deduction for self-employed individuals.
■ Save 10% on value-added tax and pay more taxes.
■ Check out the average value-added rate by industry
■ Purchase tax deduction based on vehicle type, not fuel
■ Restaurants are eligible for tax deduction on purchases
■ Not all receipts are submitted when reporting.
■ The mobile phone must be registered under the business name.
■ Interest on loans related to the investment of joint venture partners
■ Loan interest when acquiring real estate with a loan
■ Be careful when selling a used vehicle
■ Inclusion of necessary expenses for restoration to original condition
■ Self-employed people also receive unemployment benefits when they close their business.
■ Tax deduction for purchase of business-use passenger vehicles and preparation of driving records
■ Even if you leave it to a tax accountant, the final responsibility lies with the business owner.
Expense processing for personal and corporate card use
■ Things to keep in mind when processing expenses using an employee's personal credit card
▷ Tasks involved when using an employee's personal card
▷ Things to keep in mind when using an employee's personal card for year-end tax settlement
■ Reasons for recommending the use of corporate cards (business cards)
▷ Reduced costs associated with managing personal card usage
▷ Easy to understand business expenses
[Example] Do I need to collect actual corporate card receipts?
[Case] Management of Eligibility Documents for Corporate Check Cards
[Example] Purchase tax deduction when receiving a credit card sales receipt from a simplified taxpayer
Major expenses recognized as deductible under tax law when spent
Documentation management and expense processing for office rent and management fees
[Example] Dormitory rental fees provided to freelancers subject to withholding tax on business income
[Example] In-house gym, daycare center, dormitory
Management of documentation and expense processing for travel expenses and transportation expenses
■ Standards for processing business trip expenses
■ Relationship between vehicle maintenance costs and self-driving subsidies
■ Overseas travel expenses documentation and tax processing
■ Exchange rate application and accounting for overseas business trip expenses
■ Tax adjustment of foreign exchange profit and loss
■ Overseas business trip and training expenses processing
[Case] Reasonable Tax Accounting for Travel Expenses
Withholding of instructor fees, management of documentation for training expenses, and expense processing
■ Expenses for training and education expenses such as certification acquisition costs
■ Requirements for tax exemption of education and training expenses
■ Proving the job relevance of employee training
■ Reasonable tax accounting for education and training expenses
■ Representative Director Graduate School Tuition and Membership Fees
▷ CEO Graduate School Tuition
▷ CEO Wonwoohoebi
■ Withholding tax on instructor fees
How to Register a Personal Vehicle as a Business Fixed Asset
■ Use of vehicles acquired prior to starting business for business purposes
■ How to register a personal vehicle as an asset
▷ When registering a vehicle used for household purposes as a fixed asset, the basic value
▷ Passenger car value inquiry
▷ When acquiring used assets, the useful life is applied.
▷ Registering a vehicle as business asset in the name of your spouse
▷ Registering a vehicle as business asset under joint ownership of a married couple
■ Expense processing for vehicles not registered as assets
Conditions for deduction of purchase tax and expense processing of business vehicles
■ Value-added tax purchase tax deduction
▷ Non-commercial small passenger cars are not allowed, but trucks are allowed.
▷ Diesel cars are allowed, but gasoline cars are not?
▷ Purchase tax deduction is not available, but expenses are processed.
■ Cost processing and management methods for business vehicles
▷ Regulations on the Special Cases Concerning the Exclusion of Business-Used Passenger Vehicles from Deductions
▷ Expense processing for personal vehicles of employees
▷ Scope of expenses related to business vehicles
Tax management for business vehicle expenses
■ Scope of business use
■ Non-application of disadvantages to business-use passenger vehicles
▷ Vehicles that are not subject to tax disadvantages in relation to vehicles
▷ Industries that are not subject to tax disadvantages related to vehicles
■ Scope of expenses for business-use passenger vehicles
■ Cases where expenses are recognized even if a driving log is not prepared
▷ Vehicles and industries that are unconditionally recognized
▷ Sign up for employee-only car insurance and keep a driving log
■ What should be recorded in the vehicle operation log
■ Taxation on disposal of personal business vehicles
▷ Sale of vehicles used by individual business owners for business purposes
▷ Sales of vehicles unrelated to business by individual business owners
▷ In case of entrusting the captain with the vehicle for sale, notification of vehicle for sale
Expenses for using employee vehicles for business purposes
■ In case of calculating vehicle maintenance costs at actual cost
■ In case of payment of self-driving subsidy
[Example] If an accident occurs with a company vehicle, the damages are deducted from the salary.
[Example] When an accident occurs with a company vehicle, the company only pays the value-added tax.
[Example] Fines for parking violations such as stopping or stopping are not recognized as expenses.
Contract terms for processing automobile insurance and accident insurance premium expenses
Expense treatment through depreciation (Do I really need to depreciate?)
[Case] The Magic of Depreciation (Financial Soundness When Costs Are Reflected as Assets)
When assets can be immediately expensed without depreciation upon acquisition
■ Application of acquisition stage
▷ If the transaction unit is less than 1 million won
▷ Cases where expenses can be processed regardless of the amount
■ Application of holding stage
■ Application of disposal stage
Is it better to buy a car yourself or lease it?
How much of the corporate business expenses can be recognized as expenses?
[Case] Major Cases Related to Corporate Business Promotion Expenses
■ Proper documentation must be provided.
[Example] Credit cards that individual business owners must use when spending business expenses.
■ Expenses are recognized only within the limits of corporate business expenses.
■ Cases not considered corporate business expenses
[Case] Things to keep in mind when processing corporate business expenses
Document management and expense processing of condolence money, condolence money, and other condolence money from business partners
[Case] Things to keep in mind when paying condolence money to business partners
[Example] What about the 100,000 won spent on an acquaintance’s (friend, senior/junior, relative) opening ceremony and congratulatory gift?
[Case] Efficient Document Management Methods for Spending Condolence Expenses on Business Partners
[Example] Expense processing when sending condolence money and wreaths to a business partner
Documentation management and expense processing for employee wedding congratulatory money, childbirth, and birthday condolence money
[Example] What if I spend 300,000 won on a company employee's first birthday party?
[Example] Cost paid by subscribing to a mutual aid product from a mutual aid company for an employee funeral
[Case] Legal Effects of Employee Condolence Expenses Deducted from Salary and How to Prepare
Management of documentary evidence and expense processing for advertising and promotional expenses, donations, and company dinner expenses
■ Donation
■ Advertising and promotional expenses
■ Department-specific dinner expenses
▷ Company dinner expenses paid with employee personal cards
▷ Dining expenses to watch out for
Management of documentation and processing of hospital expenses for employee accidents during work
■ Hospital expenses unrelated to work
■ Work-related hospital expenses
■ In case of supporting the medical expenses of employees and their families in difficult situations
■ Proof of expenditure when paying hospital bills
[Case] How are expenses for compensation received from the industrial complex after processing a claim?
[Example] Hospital expenses of the CEO unrelated to work (case where the company pays the hospital expenses that the CEO had to pay)
Processing of expenses and fraudulent use of corporate cards, such as use on public holidays
■ Create usage rules for corporate cards.
[Case] Examples of Industries Where Corporate Card Use Should Be Restricted
[Example] Examples of items for which corporate card use is restricted
■ Corporate cards are not unconditionally accepted.
[Example] When proof of corporate card use is required
■ Personal expenses from corporate cards should not be processed as expenses.
■ Beware of fraudulent use of corporate cards.
▷ Dismissal due to fraudulent use of corporate credit card
▷ Unauthorized use of corporate cards for food, transportation, gas, etc.
▷ Unauthorized use of corporate cards at restricted establishments such as entertainment establishments
▷ Illegal use of corporate card gift certificates, suspected fraudulent purchases, and card fraud
▷ Unauthorized use of corporate individual cards
▷ Overseas use
▷ Match the name on the credit card sales receipt with the name actually used
Tax and utility bill documentation management and expense processing
■ Utility bills that are recognized as expenses and those that are not recognized as expenses
■ Fines that are recognized as expenses and fines that are not recognized as expenses
■ Union fee/association fee
[Example] Cost processing for electricity, telephone, and city gas bills
[Case] How to handle advance payment of fines imposed on employees
[Case] Tax treatment of surcharges and late fees for the four major insurance policies
[Case] When a loan is received from a bank in the name of the CEO due to exceeding the company's loan limit.
[Case] Issuance of tax invoices for damages or penalties, value-added tax, and withholding tax
Corporate tax and comprehensive income tax expense recognition
■ Taxes that are recognized as expenses and taxes that are not recognized as expenses
■ Expense recognition for items not subject to purchase tax deduction
[Case] Expense processing of customs duties and customs refunds
This is definitely a security tax audit.
Expense processing of various compensations
■ Settlement amount for withdrawal of wage arrears complaint
■ Settlement amount for unfair dismissal
■ Compensation for industrial accidents and death settlement
■ Processing of supporting documents related to compensation or indemnity
Request for explanation in case of insufficient cost data
■ Actions taken in response to requests for explanation of tax information
■ Amendment report in case of request for explanation of tax information
Chapter 7
4 major insurance practices
Submission of work details confirmation report
Recognition bonus and health insurance premium
Coverage of the four major insurance policies for overseas employees
Four major insurances during maternity leave
Four major insurances during childcare leave
How to deduct the four major insurance premiums from your salary
Those eligible for the four major insurance policies
Reporting of regular working hours and total monthly compensation for the four major insurances
■ 4 major insurance standard working hours
■ Reporting of health insurance monthly salary (total amount)
▷ Report change in monthly salary
▷ Reporting of total health insurance premiums (principles) and exemptions (exceptions)
▷ Reporting of total employment and industrial accident insurance compensation
The assessment and notification dates for the four major insurances
■ Assessment date for the four major insurances
■ Notification date for the four major insurances
Calculation of 1 month as the standard for determining eligibility for the 4 major insurances
■ Determination of work for more than 1 month and work for more than 8 days per month
■ Date of acquisition and loss of qualification
4 major insurance policies for those hired in the same month and those who leave the same month
[Case] 1 day of work, 5 days of work, then 4 major insurances
Summary of the four major insurance companies' main business activities
Reporting of the four major insurance policies for new and retired employees
■ Processing of 4 major insurance tasks according to the date of employment and resignation
[Case] Restrictions on Dual Acquisition of Employment Insurance
■ Acquisition (entry) report
■ Report of loss (resignation)
▷ Distinction between date of transfer, date of resignation (retirement date), and date of loss of qualification
▷ Fill out the resignation report form and confirm whether the report has been submitted.
▷ National Pension Notice
▷ Health Insurance Precautions
▷ Things to keep in mind about employment insurance and industrial accident insurance
Application of the four major insurances to regular workers
[Case] Criteria for determining whether the four major insurances are applicable to each worker
[Case] 4 Major Insurance Coverage When Switching from Regular to Daily Employment
The four major insurances for daily workers, part-time workers, and part-time workers
■ Daily workers
■ Part-time workers
■ Determining whether national pension applies
■ Determining whether health insurance applies
■ Determining whether employment insurance applies
■ Determining whether industrial accident insurance applies
[Case] Four major insurance policies for workers with a fixed-term contract of less than one month
[Case] 4 major insurances for part-time workers with monthly regular working hours of less than 60 hours
■ Criteria for determining whether to subscribe to the four major insurance policies for part-time workers
■ Whether the four major insurances apply according to working hours and period of employment
4 major insurance policies for those aged 65 or older
[Case] Whether employees can sign up for the four major insurance plans before registering a business
If a corporate business has only a representative or the representative is unpaid, the four major insurances
[Case] When the representative of a private business changes from sole representative to joint representative
[Case] Four Major Insurances for Individual Business Owners and Corporate Business Owners
4 major insurance policies for individual business owners and corporate CEOs
Four major insurance policies for executives (directors, auditors), including (non-)registered executives and outside directors
Four major insurance policies for overseas dispatched workers
The four major insurances: worker + worker, worker + business owner, and business owner + business owner.
■ Four major insurance policies for workers and employees
■ Four major insurances for workers + business owners, business owners + business owners
4 major insurances for employees who are CEOs and working at other workplaces
■ Corporate Representative Director
▷ In case of receiving salary as a corporate representative director
▷ In case no salary is paid as a corporate representative director
■ Individual business representative
[Example] 4 major insurances for those who register as self-employed while working
Four major insurance policies for family companies and their relatives
■ Determination of worker status of family members (relatives)
▷ Determination of worker status of relatives covered by employment insurance and industrial accident insurance
▷ Whether a relative living with the CEO of a corporation is considered an employee
▷ Example of employment relationship confirmation materials (evidence materials)
■ National Pension and Health Insurance
■ Employment and Industrial Accident Insurance
Reporting of the four major insurance policies at the head office and branches
■ Reporting the establishment of the four major insurance policies at the branch
■ Branch staff are managed by the head office.
■ Report on-site day laborers to the head office
How to deduct the four major insurance policies in the month you receive a bonus
[Case] Managing the Four Major Insurances in a Business with Temporary or Monthly Payroll Fluctuations
Settlement of the four major insurance retirees upon retirement
[Case] Annual Schedule of the Four Major Insurances
Year-end settlement of health insurance premiums for retirees
National Pension Total Income Report
Chapter 8
Table of Contents of Practical Cases
· Whether scanned evidence is recognized under tax law
· Please tell me the type of documentation for each account subject.
· Accounting treatment examples at the time of settlement
· Interrelationship of financial statements
· Things to keep in mind when viewing K-IFRS financial statements
· What you can see from the (comprehensive) income statement
· Short-term plan preparation and management procedures
· Fund forecasting procedures
· Types of payroll tasks that accounting staff must perform
· What is the standard time for calculating regular wages?
· Distinction between bonuses and allowances included in regular wages
· Example of calculating standard hourly wage
· Minimum wage calculation examples
· Can I pay a % or % of my salary during the training period?
· How to calculate the salary of an employee who has not worked for a full month
· Everything you need to know about calculating holiday pay
· Calculation method of weekly holiday allowance when working hours are different each week
· Example of calculating allowances for overtime work + night work, holiday work + night work
· Calculation table for monthly annual leave
· Example of calculating annual leave when working less than 100% per year
· Calculation table for annual leave by year
· Calculation table for annual leave based on fiscal year
· Calculation method of annual leave based on the date of employment and fiscal year upon resignation
· Annual leave retirement settlement calculation formula
· The standard wage period that serves as the basis for payment of annual leave allowance
· Calculation example of dividing comprehensive wages and fixed OT
· Various taxes and utility charges deducted from salary when salary is paid
· Calculation and reporting period of salary tax at a glance
· The difference between wages as defined by the Labor Law and salary as used in everyday life
· Difference between withholding tax receipt and payment statement
· The amount that daily workers do not have to pay taxes on
· Decision on small-sum tax collection for daily workers
· Personal card usage amount of daily workers, part-time workers, and .% business income workers
· Submission of work details confirmation report
· Employment insurance premium assessment classification symbol
· How to fill out the National Tax Service daily wage income report section when submitting the employment content confirmation report
· Cases of determining the number of months used as the standard for daily workers under tax law
· Example of calculating withholding tax for daily workers
· Deadline for submission of payment statement for daily workers' wages not paid by the month
· Pros and cons of converting an income earner to a worker
· How to apply the simplified tax table
· Withholding tax case for the month in which bonus is paid
· Insurance for daily commute and daily leave
· Recognition bonus and health insurance premium
· Problem with applying a single tax rate on profits from providing housing to foreigners
· Total health insurance benefits
· How to file year-end income tax settlement for employees hired in the same month and resigned in the same month
· Overseas employee insurance processing
· How to deduct your salary from your paycheck
· National Pension Insurance Premium Rate
· Health insurance premium rates
· Employment insurance premium rate
· Automatic calculation of major insurance premiums
· Types of tax exemptions applicable to large deductions
· Report changes in monthly salary when salary increases or decreases
· What if a tax refund is generated as a result of the year-end tax settlement for those who resign midway through the year?
· How to reflect year-end tax refund and tax payment amounts in payroll ledger
· If I treat it as welfare expenses, is it always tax-free?
· Value-added tax and withholding tax on gift costs for holidays, birthdays, and company anniversaries
· Deduction rate for necessary expenses from other income
· Standard for the amount that does not require payment of other income tax (minimum taxable income)
· It is advantageous if personal service income is classified as other income.
· Things to keep in mind when personal service income is classified as business income
· Is the instructor fee considered business income or other income?
· If business income is incorrectly reported as other income
· In case of providing caddy fee, receipt of qualified proof or withholding tax on business income
· Example of calculating withholding tax late payment surcharge
· Scope of special related parties
· Whether to report withholding tax if there is no withholding tax to be paid
· How to write a withholding tax compliance report when income with different attribution months (payment months) is paid together in the same month.
· How to write a report on withholding tax compliance when waiving semi-annual payment
· If the report is submitted with an incorrect entry of the date of attribution or the date of payment
· Distinction between tax exemption for submission and tax exemption for non-submission
· Reasons for differences between the total payment amount on the withholding tax performance report and the total salary amount on the payment statement
· How to write a report on withholding tax compliance when a person resigns
· Differences in monthly or year-end salary accounting
· Reporting of withholding tax compliance status when paying unpaid wages in a lump sum
· Example of preparing a report on withholding tax compliance status in case the monthly salary is not paid by the end of the month
· Surcharge on daily worker payment statement
· Timing for submission of payment statements for retirement pay for retirees at the end of the month and performance bonuses received at the beginning of the year
· How to submit a revised report on withholding tax compliance status
· Submission of a simplified payment statement and payment statement
· Timing for submission of severance pay statement for employees who retired at the end of the month
· Timing for submission of simplified statement of monthly earned income
· Can you tell me about the process of introducing a retirement pension?
· What will happen to the previous retirement allowance when the retirement pension system is introduced?
· Can defined contribution (DC) and defined benefit (DB) retirement pensions be converted to each other?
· Should bonuses (performance-based pay) be paid proportionally to retirees?
· When should wages and severance pay be paid?
· Severance pay upon immediate resignation after leave (childcare, childbirth, sick leave, probationary period)
· Payment of unused annual leave allowance in the defined contribution (DC) pension system
· If the salary is increased during the childcare leave period, payment of the defined contribution (DC) retirement pension
· If you have paid too little or too much retirement pension
· DC-type retirement pension payment during maternity leave and childcare leave
· Method of depositing bonus (performance bonus) into retirement pension
· Attribution of retirement pension contributions to employees with less than 1 year of service
· Attribution of retirement pension contributions to employees with less than one year of service
· DC-type retirement pension contribution when retroactive application of wage increase through wage negotiation
· If you have not deposited money into your personal IRP or have deposited money into it, prepare a report on the status of withholding tax compliance.
· Even if retirement benefits are not paid, retirement income tax is paid (subject to payment timing).
· How to handle business when using a personal card for business purposes
· How to determine the standard amount when receiving qualified documentation (meaning per unit)
· Businesses excluded from receiving qualified documentation
· Transactions exempt from receiving eligible documentation (remittance details including expenses must be submitted)
· Eligible proof of credit card usage from another corporation
· Documents that must be provided by the company even if you entrust the captain
· Things to check before sending money to a business partner
· If an electronic tax invoice is not issued by the end of the month following the date of supply, a surcharge will be imposed.
· If an electronic tax invoice is not issued within the deadline for filing a final report accelerating the time of supply, a surcharge will be imposed.
· Taxes and surcharges for issuing processed tax invoices
· Items that must be included for the tax invoice function (required information)
· Surcharge on tax invoices that are not true
· Criteria for judging transactions based on data
· Issuance of negative tax invoices in case of default of business partner
· Document management when transacting with non-business entities (individuals)
· Issuance of (revised) tax invoices and value-added tax reporting for closed businesses
· Documents that do not qualify for a purchase tax deduction even if received
· Proof of purchase tax deduction upon receipt
· Cases where purchase tax deduction is not available even if a tax invoice is received
· Tax deduction on purchase of food expenses for self-employed individuals
· Purchase tax deduction for internet and mobile phone charges
· All payment notices from the rental office will be changed to the tenant's name.
· Purchase tax deduction if your home is your office
· Calculation of rent and deemed rent when rent is not received and deducted from the rental deposit
· When selling fixed assets (excluding land and buildings) (those required to confirm honest reporting and keep double-entry bookkeeping)
· Exclude the income amount for the sale of fixed assets by corporate business operators, business vehicles, tools and equipment, ships and aircraft, machinery, etc. of individuals subject to double-entry bookkeeping (excluding those subject to simplified bookkeeping).
· Simplified taxpayers who issue tax invoices file value-added tax returns every month
Documents that practitioners must prepare when filing value-added tax returns
· Submission of documents when entrusting a captain to an agent
· Even if you don't pay taxes, you must file a report.
· Surcharge for missing sales
· Surcharge for missing transmission and sales
· Surcharge for late filing
· The standard for condolence money is 10,000 won, including the wreath.
· Example of family employment relationship verification documents (proof documents)
· Processing of meal expenses for corporate representatives and private company presidents
· Account items for company food expenses and value-added tax
· Things to keep in mind when using an employee's personal card for year-end tax settlement
· Limit on amount recognition when using personal or corporate credit cards
· Do I need to collect physical corporate card receipts?
· Management of eligible proof of corporate check cards
· Purchase tax deduction when receiving a credit card sales receipt from a simplified taxpayer
· Reasonable tax accounting for travel expenses
· If real estate rental business is not listed on the business registration certificate, submit a statement of real estate rental supply price.
· Dormitory rental fees provided to freelancers subject to withholding tax on business income
· In-house gym, daycare center, and dormitory
· How to calculate the exchange rate for overseas business trip expenses
· If you pay for a business partner's overseas travel expenses
· Requirements for tax-exemption of tuition
· Tax exemption on subsidies for employee certification acquisition costs and training expenses
· Employee recruitment expenses and instructor fees payment and withholding tax
· Expenses are recognized when receiving foreign language lessons from a foreign individual.
· If the company pays the certification exam fee
· Commercial vehicles as defined in the Value Added Tax Act
· How to process expenses when using a vehicle registered under an employee's personal name for corporate business purposes
· Industries not subject to special provisions such as non-deduction of expenses related to business-use passenger vehicles
· Value added tax when selling a vehicle through a second-hand dealer or through a transaction with an acquaintance
· Summary of how to handle expenses when using employee vehicles for business purposes
· If an accident occurs with a company vehicle, the damage amount is deducted from the salary.
· In case of an accident involving a company vehicle, the company only pays the value-added tax.
· Fines for parking violations such as stopping or stopping are not recognized as expenses.
· Case of additional tax on private use of business vehicles
· The magic of depreciation (financial soundness when reflecting expenses as assets)
· Comparing vehicle purchase and leasing
· Major cases applicable to corporate business promotion expenses
· Credit cards that individual business owners must use when spending business expenses
· Things to keep in mind when processing corporate business expenses
· Things to keep in mind when spending condolence money on business partners
· Calculation of corporate business promotion expenses limit
· How much did you spend on the opening ceremony and congratulatory gift for an acquaintance (friend, senior/junior, relative)?
· Efficient management of documentation when paying condolence money to business partners
· Expenses for sending condolence money and wreaths to business partners
· Criteria for determining the amount that distinguishes between corporate business promotion expenses and advertising and publicity expenses
· What if I spend 10,000 won on a company employee's first birthday party?
· The amount paid by subscribing to a mutual aid product from a mutual aid company for an employee funeral
· Legal effect and preparation methods for employee condolence money deducted from salary
· What is the processing of compensation expenses received from the industrial complex after processing the fantasy?
· Hospital expenses of the CEO that are not related to work (if the company pays the hospital expenses that the CEO had paid)
· Examples of industries where corporate card use should be restricted
· Examples of items for which corporate card use is restricted
· If proof of corporate card use is required
· Damages incurred when expenses are not recognized after using a corporate card
· Cases to watch out for when using corporate cards
· Processing of electricity, telephone, and city gas bills
· How to handle advance payment of fines imposed on employees
· Tax treatment of insurance surcharges and late fees, etc.
· In case a loan is received from a bank in the name of the CEO due to exceeding the company's loan limit
· Issuance of tax invoices for damages or penalties and withholding of value-added tax
· Tax treatment of penalty for contract termination
· Tax treatment of damages based on court decisions, etc.
· Taxes that are recognized as expenses and taxes that are not recognized as expenses
· Expense processing of customs duties and customs refunds
· Most frequently detected cases by the National Tax Service
· Disadvantages when filing a revised report after receiving a request for explanation of tax information from the tax office in charge
· Calculation of standard working hours when reporting total insurance premiums
· Cases where reporting of total health insurance premiums is exempted
· Schedule for reporting total health insurance benefits
· If you have reported a large insurance premium and the monthly premium is notified for the following month (notification base date)
· The meaning and calculation method of months, which is the standard for determining the number of subscribers to major insurance
· Types of insurance that must be deducted when joining or leaving the same month
· When reporting an employee who has worked for a few days and then resigned as a daily worker
· Insurance for daily commute and daily leave
· Difference in insurance premium deduction amount according to date of employment and date of retirement
· Restrictions on double acquisition of employment insurance
· Calculation of the date of transfer, resignation, and loss of qualification
· Criteria for determining whether or not to apply insurance to each worker
· Insurance processing when switching from regular to daily employment
· Coverage of major insurance for part-time workers
· Insurance for workers with a fixed term of less than one month
· Insurance for part-time workers whose monthly regular working hours are less than 1 hour
· Determining whether or not major insurance is applicable based on age
· Whether employees can sign up for insurance before registering a business
· Unpaid Representative vs. Insurance Reporting Form
· When the representative of a private business changes from sole representative to joint representative
· Insurance for individual business owners and corporate business directors
· Insurance subscription for the representative director of a corporation who is an unpaid representative director
· If you have a second job, you can apply for health insurance.
· Businesses that receive priority when obtaining dual employment insurance
· If you are registered as a self-employed person while working, you will be covered by insurance
· Proof of the relative's employment status
· Management of insurance for businesses with temporary or monthly salary fluctuations
· Annual insurance schedule
· Method of deducting insurance premiums upon joining or leaving the company
Into the book
For the convenience of work, there is no problem for the company to scan the documents and store them on the computer, but to avoid tax issues later, you must manage the documents with the following in mind.
Of course, in practice, there are very few cases where scanning and storing on a computer poses a problem, but in the event of a dispute with the tax office in charge, the decision will be made according to law and principles, so it is recommended that you pay attention to the following matters in practice and handle your work accordingly.
1.
If you receive the qualification certificate on paper instead of online and then scan the paper, the scanned copy will not be accepted as the qualification certificate.
2.
If you receive proof online due to online payment, the information will be transferred to the National Tax Service from that site, so printing out the online proof will be recognized as valid proof.
3.
If you receive the original online and keep it, it is recognized as a valid document, but if you receive it on paper and then scan it, it is not recognized.
In other words, if you received the document online and saved it as a PDF file, it is recognized as qualified evidence, but if you received it on paper and then scanned it and saved it as a PDF, it is not recognized.
--- From "Whether Scanned Documents Are Recognized Under Tax Law and Treated as Expenses"
① Review of stock changes due to capital increase/decrease: Comparison with corporate registration book, such as increase/decrease, stock transfer, and stock donation.
② Review management of tax deductions and reductions under the Special Tax Exceptions and Restrictions Act: Confirm whether reduced tangible assets are sold or leased.
③ Withholding tax review: Withholding tax review on business income, other income, interest income, and dividend income (no differential dividends)
④ Check various deposits: Check new lease deposits and other deposits.
⑤ Insurance-related check: Review whether insurance payments received from insurance companies have been included (proof that 100% of expenses can be processed)
⑥ Foreign currency asset and liability evaluation: Check whether the evaluation and recognition of foreign currency assets and liabilities are appropriate (exchange rate check)
⑦ Check national subsidies: Check tax accounting processing for national subsidies.
⑧ Check items related to profit and loss for correction of previous year's errors: Check accounting treatment and tax adjustments for correction of previous year's errors.
⑨ Review of short-term trading securities and marketable securities: Check classification appropriateness and accounting of valuation gains and losses, etc.
--- From "Preliminary Preparations for Corporate Settlement"
This is a case where the portion of expenses already paid that applies to subsequent periods is paid first.
Therefore, the corresponding expense is reduced in the income statement, and an asset called prepaid expense is recorded in the balance sheet for this amount (interest paid in advance at the time of settlement (prepayment condition of expense)).
Prepaid expenses ××× / Interest expenses ×××
--- From "Summary of Prepaid Expense Settlement"
Sales performance: total sales, target achievement rate, year-over-year growth rate
Sales by Key Product or Service: Which products or services contribute the most to your company's sales?
Sales Share by Customer: Sales Share and Change Trends by Major Customer
--- From "Financial Situation Report to the President"
· This refers to the time included in calculating the monthly salary.
· Refers to the working hours that serve as the basis for calculating the minimum wage.
· When calculating the salaries of mid-year hires and mid-year resignations based on paid working hours, there is an advantage in that the minimum wage issue does not arise.
· This is the working hours that serve as the basis for calculating regular hourly wages.
In the case of an 8-hour workday, 5-day workweek, paid working hours = (40 hours per week + 8 hours per week off) × 4.345 weeks = 209 hours
1.
5-day workweek with 4 hours of paid leave per day
· 1 week = [(8 hours × 5 days) + (8 hours + 4 hours)] = 52 hours
· January = [52 hours × (365 days ÷ December ÷ 7 days)] = 226 hours
2.
5-day workweek with 1 unpaid day off (Saturday) (normal)
· 1 week = [(8 hours × 5 days) + 8 hours] = 48 hours
· January = [48 hours × (365 days ÷ December ÷ 7 days)] = 209 hours
Of course, in practice, there are very few cases where scanning and storing on a computer poses a problem, but in the event of a dispute with the tax office in charge, the decision will be made according to law and principles, so it is recommended that you pay attention to the following matters in practice and handle your work accordingly.
1.
If you receive the qualification certificate on paper instead of online and then scan the paper, the scanned copy will not be accepted as the qualification certificate.
2.
If you receive proof online due to online payment, the information will be transferred to the National Tax Service from that site, so printing out the online proof will be recognized as valid proof.
3.
If you receive the original online and keep it, it is recognized as a valid document, but if you receive it on paper and then scan it, it is not recognized.
In other words, if you received the document online and saved it as a PDF file, it is recognized as qualified evidence, but if you received it on paper and then scanned it and saved it as a PDF, it is not recognized.
--- From "Whether Scanned Documents Are Recognized Under Tax Law and Treated as Expenses"
① Review of stock changes due to capital increase/decrease: Comparison with corporate registration book, such as increase/decrease, stock transfer, and stock donation.
② Review management of tax deductions and reductions under the Special Tax Exceptions and Restrictions Act: Confirm whether reduced tangible assets are sold or leased.
③ Withholding tax review: Withholding tax review on business income, other income, interest income, and dividend income (no differential dividends)
④ Check various deposits: Check new lease deposits and other deposits.
⑤ Insurance-related check: Review whether insurance payments received from insurance companies have been included (proof that 100% of expenses can be processed)
⑥ Foreign currency asset and liability evaluation: Check whether the evaluation and recognition of foreign currency assets and liabilities are appropriate (exchange rate check)
⑦ Check national subsidies: Check tax accounting processing for national subsidies.
⑧ Check items related to profit and loss for correction of previous year's errors: Check accounting treatment and tax adjustments for correction of previous year's errors.
⑨ Review of short-term trading securities and marketable securities: Check classification appropriateness and accounting of valuation gains and losses, etc.
--- From "Preliminary Preparations for Corporate Settlement"
This is a case where the portion of expenses already paid that applies to subsequent periods is paid first.
Therefore, the corresponding expense is reduced in the income statement, and an asset called prepaid expense is recorded in the balance sheet for this amount (interest paid in advance at the time of settlement (prepayment condition of expense)).
Prepaid expenses ××× / Interest expenses ×××
--- From "Summary of Prepaid Expense Settlement"
Sales performance: total sales, target achievement rate, year-over-year growth rate
Sales by Key Product or Service: Which products or services contribute the most to your company's sales?
Sales Share by Customer: Sales Share and Change Trends by Major Customer
--- From "Financial Situation Report to the President"
· This refers to the time included in calculating the monthly salary.
· Refers to the working hours that serve as the basis for calculating the minimum wage.
· When calculating the salaries of mid-year hires and mid-year resignations based on paid working hours, there is an advantage in that the minimum wage issue does not arise.
· This is the working hours that serve as the basis for calculating regular hourly wages.
In the case of an 8-hour workday, 5-day workweek, paid working hours = (40 hours per week + 8 hours per week off) × 4.345 weeks = 209 hours
1.
5-day workweek with 4 hours of paid leave per day
· 1 week = [(8 hours × 5 days) + (8 hours + 4 hours)] = 52 hours
· January = [52 hours × (365 days ÷ December ÷ 7 days)] = 226 hours
2.
5-day workweek with 1 unpaid day off (Saturday) (normal)
· 1 week = [(8 hours × 5 days) + 8 hours] = 48 hours
· January = [48 hours × (365 days ÷ December ÷ 7 days)] = 209 hours
--- From the “Standard Hours for Calculating Regular Wages”
Publisher's Review
Book information + information provided through the Internet!
We provide revised content and more information at Naver Cafe!
How to use
① Join Naver Cafe Easy Kyungli (https://cafe.naver.com/kyunglistudy).
② You can upload a transaction statement showing the title of the book you purchased to the Book Member (Purchase) Certification Bulletin Board on the left.
③ Join Naver Cafe Easy Kyungri (https://cafe.naver.com/aclove).
The entire contents of this book are structured as follows.
Chapter 1
From issuing vouchers to settling accounts
Provides knowledge related to accounting and bookkeeping, from basic knowledge required for accounting work to preparing financial statements.
Chapter 2
Fund management and financial planning
This is a chapter that provides knowledge on the items needed to establish and procure necessary financial plans for the company and to report the company's current financial situation to the CEO.
Chapter 3
Salary calculation and withholding tax
This course provides the knowledge necessary to smoothly carry out practical tasks related to the most sensitive and difficult issues: comprehensive wages, regular wages, overtime pay, weekly holiday pay, annual leave and vacation, sick leave, and maternity/childcare leave.
It also provides complete information on payroll taxes related to wages, allowances, and bonuses.
Chapter 4
Payment of retirement pay and retirement pension and retirement income tax
It describes the calculation method for retirement benefits and the practical aspects that must be resolved from retirement pension subscription to accumulation and payment, according to the work flow.
It also explains how to calculate retirement income tax.
Chapter 5
Eligibility documentation and value-added tax reporting
This chapter organizes the issuance and management of documentation, which is the starting point of all tax issues and tax savings, as well as the tasks of reporting and paying value-added tax through these documents.
In this chapter, you will learn all the tasks of document management and encounter a wealth of practical examples on value-added tax reporting and input tax deductions and non-deductions.
Chapter 6
Expense processing to reduce corporate tax (income tax)
You can reduce your taxes by managing your expenses well.
However, incorrect expense handling can lead to tax evasion and you will have to pay more taxes later.
Therefore, accurate expense processing is the shortcut to tax saving.
In this chapter, we present legal tax saving methods through various cases that arise in actual work.
Chapter 7
4 major insurance practices
The four major insurance policies are confusing and confusing no matter how much you try.
This chapter presents clear standards related to the four major insurance tasks that occur on a daily basis.
We provide revised content and more information at Naver Cafe!
How to use
① Join Naver Cafe Easy Kyungli (https://cafe.naver.com/kyunglistudy).
② You can upload a transaction statement showing the title of the book you purchased to the Book Member (Purchase) Certification Bulletin Board on the left.
③ Join Naver Cafe Easy Kyungri (https://cafe.naver.com/aclove).
The entire contents of this book are structured as follows.
Chapter 1
From issuing vouchers to settling accounts
Provides knowledge related to accounting and bookkeeping, from basic knowledge required for accounting work to preparing financial statements.
Chapter 2
Fund management and financial planning
This is a chapter that provides knowledge on the items needed to establish and procure necessary financial plans for the company and to report the company's current financial situation to the CEO.
Chapter 3
Salary calculation and withholding tax
This course provides the knowledge necessary to smoothly carry out practical tasks related to the most sensitive and difficult issues: comprehensive wages, regular wages, overtime pay, weekly holiday pay, annual leave and vacation, sick leave, and maternity/childcare leave.
It also provides complete information on payroll taxes related to wages, allowances, and bonuses.
Chapter 4
Payment of retirement pay and retirement pension and retirement income tax
It describes the calculation method for retirement benefits and the practical aspects that must be resolved from retirement pension subscription to accumulation and payment, according to the work flow.
It also explains how to calculate retirement income tax.
Chapter 5
Eligibility documentation and value-added tax reporting
This chapter organizes the issuance and management of documentation, which is the starting point of all tax issues and tax savings, as well as the tasks of reporting and paying value-added tax through these documents.
In this chapter, you will learn all the tasks of document management and encounter a wealth of practical examples on value-added tax reporting and input tax deductions and non-deductions.
Chapter 6
Expense processing to reduce corporate tax (income tax)
You can reduce your taxes by managing your expenses well.
However, incorrect expense handling can lead to tax evasion and you will have to pay more taxes later.
Therefore, accurate expense processing is the shortcut to tax saving.
In this chapter, we present legal tax saving methods through various cases that arise in actual work.
Chapter 7
4 major insurance practices
The four major insurance policies are confusing and confusing no matter how much you try.
This chapter presents clear standards related to the four major insurance tasks that occur on a daily basis.
GOODS SPECIFICS
- Date of issue: April 14, 2025
- Page count, weight, size: 896 pages | 152*223*40mm
- ISBN13: 9791190819473
- ISBN10: 1190819473
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