Korea, Republic of
Calendar year 2019
- Foreign expatriate working in Korea - Resident.
- Married with two children (both are more than seven years old but less than 20 years old).
- Spouse has no income.
- No tax reimbursement by company.
- No itemised deductions available.
|Employment income deduction||(14,750,000)|
|Adjusted gross income||85,250,000|
|Personal deduction for taxpayer||(1,500,000)|
|Personal deduction for spouse and two children||(4,500,000)|
|Earned income tax credit||(500,000)|
|Special tax credit||(130,000)|
|Children tax credit||(300,000)|
|Income tax after credit||12,870,000|
|Local income tax (10% of income tax)||1,287,000|
|Total tax liability||14,157,000|