Korean Job Discussion Forums

[braindrops]

Can someone point me in the direction of a thread on the KOREAN tax bracket? I know that indy contractors are taxed at a different rate than are "employees"...but is that a flat tax rate or is that also subject to how much you make?

And can someone list the tax brackets and their respective tax rates for employees? Say, something like this:

Salaried employee:
2,000,000/mo --> 24,000,000/yr :: taxed at XYZ %
5,000,000/mo --> 60,000,000/yr :: taxed at ABC %
10,000,000/mo --> and so on...

Is there a sticky like that? Thanks.

[thegadfly]

http://www.nts.go.kr/eng/help/help_56.asp?top_code=H001&sub_code=HS05&ssub_code=HSE4

Type in your monthly pay to see how much your witholding should be:

2 million a month is about 1.24%

5 million a month is about 8.25%

10 million a month would be 16.66%, but since you are allowed to go with a flat rate tax of 15%, if you are making that much, you should go with the flat rate rather than the sliding scale.

The tipping point seems to be right around 9 million a month -- 9 mill is 14.93%, and 9.1 is 15.04%.

[mindlessroller21]

WTF!? For a slary of about 30mil krw/ year its telling me I'll have more than 8 mil krw withheld for a tax rate of almost 30%!

I was under the impression that my taxes would be about 5%.

[ttompatz]

[thegadfly]

[jamesd]

[enj0i]

Damn those tax rates are low, Korea FTW.