What are the 2024 Korean income tax brackets?

6% up to 14m KRW; 15% from 14m-50m; 24% from 50m-88m; 35% from 88m-150m; 38% from 150m-300m; 40% from 300m-500m; 42% from 500m-1 billion; 45% above 1 billion KRW.

What deductions reduce Korean taxable income?

Employment income deduction (up to 20 million KRW); personal deductions (1.5m KRW basic, 1m spouse/dependents); insurance premium deductions; medical and education expense deductions; mortgage interest deductions.

How is Korean dividend income taxed?

Financial income below 20 million KRW combined with interest: 15.4% withholding (final tax). Financial income above 20 million KRW: added to comprehensive income and taxed progressively.

What Korean social contributions are withheld?

National Pension Service (NPS): 4.5% employee (4.5% employer). Health insurance (NHIS): 3.545% employee (3.545% employer). Long-term care: 0.4591% employee. Employment insurance: 0.9% employee.

How does the Korean withholding tax work for employees?

Employers withhold preliminary tax based on monthly wage tables. Year-end settlement (yearend tax adjustment, yeon-malmajeon) in January reconciles the annual tax. Most employees get a refund after year-end settlement.

South Korea Comprehensive Income Tax Calculator 2024

Calculate Korean comprehensive income tax (jonghabsoDeuk). Brackets 2024: 6% to 14m KRW, 15% to 50m, 24% to 88m, 35% to 150m, 38% to 300m, 40% to 500m, 42% to 1bn, 45% above 1bn KRW.

Principal ($)

Annual Rate (%)

Years

Compounding / Year

$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate Korean comprehensive income tax (jonghabsoDeuk). Brackets 2024: 6% to 14m KRW, 15% to 50m, 24% to 88m, 35% to 150m, 38% to 300m, 40% to 500m, 42% to 1bn, 45% above 1bn KRW. Use the south korea income tax result to inform your calculation.

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