Time now for our "Life & Info" segment...where we focus on information useful for your everyday life.<br />With less than two months left of 2019, our reporter Hong Yoo is in the studio to inform us about the year-end tax adjustment in South Korea.<br />This is a complicated process…<br />Yes Mark, the year-end tax adjustment is a process where people who have contributed to the economy get their taxes back if they have paid more than their gross income or pay more if they have paid less.<br />It's a long process to calculate everything for the year-end tax adjustment by oneself.<br />And so the government is providing a simplified service to help people out.<br />But again, one needs to gather detailed data on their expenses and do the math themselves.<br />Plus, they also have to acknowledge the changes in items that benefit from a tax deduction every year.<br />So procrastinating could see you being hit with a tax bomb.<br />Yeah, that happened to a friends of mine and it wasn't pretty. What are some of the changes made this year?<br />This year, people who earn less than 60 thousand U.S. dollars n year and have paid entrance fees to museums and art galleries with credit cards after July 1st get a 30 percent of its price deducted before calculating tax.<br />If the income tax deduction amount has surpassed its limit of 20 percent of earning, you can get another 860 dollars in income tax exemption.<br />Also, postpartum care expenses is now included in medical expenses that are eligible for a tax deduction.<br />Again, people who earn less than 60 thousand U.S. dollars an year can get up to 2-thousand-5-hundred dollars of tax exemption for every child.<br />The mother has to submit evidential documents with her name and the receipt to her company.<br />For donations bigger than 8-thousand-600 dollars, 30 percent of the donation gets paid back in a tax rebate.<br />If you didn't get it back last year because the benefit was limited to donations bigger than 17-thousand dollars, you can get it back this year.<br />And there is a good news for the injured from May 18th Democratic Movement and people with disabilities due to aftereffect of defoliant as they can get a 90 percent income tax exemption if they are employed in small and mid-sized firms.<br />Until last year, only women resuming their careers after maternity break, elders, disabled, and people up to 33 years old who were newly employed to SMEs could benefit from it.<br />Are there other people that can benefit from these tax exemptions?<br />Yes, production workers get an income tax exemption for their night work.<br />This year, people working in care services, beauty related services, and accommodation services earning less than 1-thousand-800 dollars a month will be exempt from income tax.<br />And workers that don't own a home or own a single home get the interest back on mortgage loans paid to financial institutions.<br />But the house they own has to be worth less than 430-thousand dollars.<br />Is there a way that people can estimate how much tax they'll have to pay before the end of the year?<br />Yes,
