The 2022 Income Statement Campaign starts in one week The Income statement is a procedure to adjust what the taxpayer has paid throughout the year and what corresponds to him.
The withholdings are an advance of personal income tax that the recipient will have to pay for their income. Specifically, all payers have to deduct a percentage of the rent and enter it into the Public Treasury. As the Tax Agency explains, the payer of an income in kind must make the payment on account and may or may not pass it on to the recipient of the income.
The Treasury recognizes Social Security as one more payer. In fact, the benefits offered -with some exceptions- are included as work activities. Therefore, you must apply the corresponding withholdings according to personal circumstances. Specifically, pensions “whose amount exceeds the legally established annual import” are subject to taxation according to the regulations established by law.
How to get the Income Withholding Certificate
In order to know the amount withheld, Social Security makes available to the beneficiaries of economic benefits the certificate of withholdings and income on account of personal income tax. This service allows you to obtain a certificate with the importation of benefits received from Social Security, paid by the INSS and the ISM, and the withholdings made in the previous year.
Through the Social Security website itself, the person must identify themselves to obtain the document. The identification to access this service can be done through the Permanent Code, Pin Code, receiving an SMS or with an electronic certificate or electronic DNI.
Once accessed, it is not necessary to provide any additional document for processing. It will only be necessary to have the necessary software to download or print it. It is a certificate in PDF format of which you can obtain printed copies.
Request an increase in withholding
Each taxpayer will be able to check if the withholdings applied correspond to those included in the draft of the Income statement. If so, you can deliver it. It is important to always review all the information in the draft and correct it if it is incorrect. If the taxpayer files the return with incorrect information, it is their responsibility, with possible consequences.
In addition, with this document the taxpayers themselves can anticipate the result of the Income. Know if they will pay the treasury or return. Therefore, it is possible to request an increase in withholding if you calculate that, because you obtain more income from other payers, you will be taxed more.
Social Security offers the possibility of requesting a voluntary increase in personal income tax withholding. Taxpayers can complete the application document available on the website and submit it for payment.
The objective is to avoid that the Income does not have the result of paying the treasury, that is, that the declarations applied as an advance of the IRPF are correct. However, when contributing you may also be interested in paying the difference in a single payment when presenting the Income statement. Of course, withholding is mandatory and the request for a reduction of the personal income tax applied will not always be accepted. Payers must apply a minimum and can only be further reduced in certain exceptional cases provided by law.
