Korean Job Discussion Forums

[fustiancorduroy]

...

[OculisOrbis]

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

Simplified Tax Withholding Table: http://www.nts.go.kr/eng/resources/resour_21.asp?minfoKey=MINF7420080211223143&page=2&type=V

Additional deductions from your salary are:

Resident's or Inhabitant's Tax = 10% of Your Tax Withholding Rate (If your Tax Withholding is 50 000W, your Resident's Tax is an additional 5000W)

National Pension = 4.5% of your income http://www.nps.or.kr/apppage/english/qna/qna_01_view.jsp?AT_ID=482&GUBUN=b-020-005&FAQ_CAT_COMM_TEXT_ID=b-020-005&PAGE_NO=1&SUB_PAGE_NO=1&RETURN_URL=/apppage/english/qna/qna_01.jsp&SRCH_STAT=1&SRCH_WORD=

National Health Insurance = Approx. 2.9% of your income http://www.nhic.or.kr/portal/site/eng/menuitem.3bc256cc1728ba0644416433062310a0/

All of these combined should be about 8-10% of your salary. I'm guessing your salary isn't 3.75 - 4.1 million Won per month --- If it is, congratulations and your boss is suggesting the proper deduction amount.

***(Even if your employer is deducting these things at the correct rates, you should still call the corresponding government offices to make sure your employer enrolled you at the proper rate and is actually contributing your deductions instead of just pocketing the money for themselves)***

[emmahearst]

That's kind of high.

[fustiancorduroy]

Thanks for the information OculisOrbis. This is exactly what I'm looking for.

My taxes are pretty high, yes. But according to the calculator linked by OculisOrbis, it is the correct amount given my salary.