What is the Year-End Tax Adjustment?
Each month, Tokyo Tech withholds a certain amount from your salary for income taxes. As the amount is an approximation, the total amount withheld over the tax year may differ from your actual tax liability. In the year-end tax adjustment, the difference between the tax withheld and your actual tax liability is calculated, and that difference is refunded to or deducted from your salary in December of the same year.To process your year-end tax adjustment, the necessary forms and documentation must be submitted to the Human Resources Division.
Note: Those who meet certain conditions must also file a final income tax return (確定申告, kakutei shinkoku) in addition to completing the year-end tax adjustment.
For example, you may be required to file a final return if you:
- Worked for more than one employer
- Earned side income in excess of 200,000 yen
- Earned more than 20,000,000 yen in the year
- April 30,2020
- This web page has been opened.