Korean Job Discussion Forums

[Real Reality]

Normally, income tax must be withheld upon the payment of salaries, wages, etc.

The Simplified Tax Withholding Table (MS Excel format or xls)
http://www.nts.go.kr/menu/users/admin/contentImages/201/Simplified%20Tax%20Withholding%20Table.xls

Automatic Calculation Service for Year-end Tax Settlement
http://152.99.73.5/front/service/refer_cal/jungsan2003/refer_2003jungsan_eng.asp

Taxation of Wage & Salary Income (Adobe Acrobat format or pdf)
http://www.nts.go.kr/menu/users/admin/contentImages/201/2_Taxation%20of%20Wage%20&%20Salary%20Income.pdf

General Taxation (Adobe Acrobat format or pdf)
http://www.nts.go.kr/menu/users/admin/contentImages/201/1_general.pdf

Tax Guide
http://www.nts.go.kr/menu/users/ntseng/Tax_Guide3.htm

Appendix: Tax Offices in Major Cities (Adobe Acrobat format or pdf)
http://www.nts.go.kr/NTS_files/eng/files/incometaxguide/Income2004(Appendix).pdf

Example from the National Tax Service
Lecturer
Mr. A working for foreign language institute has Wage & Salary Income and manuscript fee income received from Publishing Company in 2003
(1) Wage & salary Income
a. Taxable Wage & salary 60,000,000 Won (Most of you earn 60,000,000 won each year, right?)
b. Deduction for Wage & salary 14,250,000 Won
c. Wage & salary Income 45,750,000 Won (60,000,000 Won - 14,250,000 Won)
(2) Total Income Allowances (4,500,000 Won)
a. Basic Exemption: 3 persons �� 1,000,000 Won
b. Special Deductions: Educational expenses deduction 1,000,000 Won, Deduction for donations 500,000 Won
(3) Tax credit for Wage & salary Income: 450,000 Won
(4) Withholding Tax: 6,187,500 Won

Practice Example (Adobe Acrobat format or pdf)
http://www.nts.go.kr/NTS_files/eng/files/incometaxguide/Income2004(Practice).pdf

[Real Reality]

Most of you earn 60,000,000 won each year, right?

[Pyongshin Sangja]

Ummm, getting there. But no, not yet.