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Korea, Republic of Individual - Sample personal income tax calculation

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Calendar year 2016

Assumptions

  • Foreign expatriate working in Korea - Resident.
  • Married with two children (both are more than six years old but less than 20 years old).
  • Spouse has no income.
  • No tax reimbursement by company.
  • No itemised deductions available.

Tax computation

  KRW
Gross income:  
Annual salary 100,000,000
Less:  
Employment income deduction (14,750,000)
Adjusted gross income 85,250,000
Less:  
Personal deduction for taxpayer (1,500,000)
Personal deduction for spouse and two children (4,500,000)
Taxable income 79,250,000
Income tax 13,800,000
Earned income tax credit (500,000)
Special tax credit (130,000)
Children tax credit (300,000)
Income tax after credit 12,870,000
Resident tax (10% of income tax) 1,287,000
Total tax liability 14,157,000


Last Reviewed - 17 August 2017

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