(1) When a withholding agent pays wage and salary income for February of the year following the relevant taxable period or for the month in which a retiree retires, he/she shall withhold income tax as calculated in the following order (hereafter referred to as "additional tax amount" in this Article): <Amended by Act No. 12169, Jan. 1, 2014; Act No. 13206, Mar. 10, 2015>
1. Calculating global income tax base by taking global income deduction, based on the return filed by a wage and salary income earner pursuant to Article 140, from wage and salary income of the wage and salary income earner for the relevant taxable period (in cases of retirees, the period shall refer to the period up to the date of retirement; hereafter the same shall apply in this Article);
2. Determining the calculated global income tax amount by applying the basic tax rate to the global income tax base under subparagraph 1;
3. Calculating income tax by deducting taxes withheld during the relevant taxable period under Article 134 (1), foreign tax credits, the tax credit for wage and salary income, the tax credit for children, the tax credit for pension accounts, and special tax credits from the calculated tax amount on global income under subparagraph 2.
(2) If the aggregate of the amounts deducted under paragraph (1) 3 for taxes withheld during the relevant taxable period under Article 134 (1), foreign tax credits, the tax credit for wage and salary income, the tax credit for children, the tax credit for pension accounts, and special tax credits, exceeds the calculated tax amount on global income, such excess shall be refunded to the relevant wage and salary income earner, as prescribed by Presidential Decree. <Amended by Act No. 12169, Jan. 1, 2014>
(3) When a withholding agent withholds an additional tax amount from a wage and salary income earner who fails to file a return under Article 140, by applying paragraph (1), he/she shall apply basic deduction only for the wage and salary income earner him/herself, excluding basic deduction for others, and the standard tax credit. <Amended by Act No. 12169, Jan. 1, 2014; Act No. 13206, Mar. 10, 2015>
(4) Notwithstanding paragraph (1), if an additional tax amount exceeds 100,000 won, the withholding agent may withhold the additional tax amount in installments when he/she pays wage and salary income for the period of February to April of the year following the relevant taxable period. <Newly Inserted by Act No. 13206, Mar. 10, 2015>[This Article Wholly Amended by Act No. 10408, Dec. 27, 2010]