Income Tax

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Ruyven
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Joined: 04/28/2016 - 11:11
Income Tax

It looks like there is an error on the following page: http://koreabridge.net/post/average-salary-and-tax-structure-south-korea-expats-breeze

In the calculation, it says that for an annual income of 30,000,000 KRW, the income tax is 1,081,970 KRW, which is only about 3.6 % instead of the aforementioned 15 %. Is it really supposed to be that low? Can anyone explain that to me or is it just plain wrong?

jes9234
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Joined: 07/08/2019 - 10:39
Re: Income Tax

 

 

Income earner gets monthly salary after withholding income tax and local income tax.

The rate of those taxes is depending on salary amount, number of family members for deduction. The income earner can choose percentage(80% or 100% or 120%) of the income tax. If you choose 80%, you may need to pay more after year-end tax adjustment.