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income tax

[Personal income tax] Understanding Incone Tax in Korea for Foreign national[Tax Firm Specializing in Foreign Companies] If you got a message or letter from NTS like below, you should difinitely check this post!  1.What is comprehensive (personal) income tax in Korea ?Personal income tax, known as 종합소득세 in Korean, is a tax that individuals must file and pay every May for the income they earned the previous year, from January 1st to December 31st. (In May 2024, incomes from January 1st, 2023 to December 31st, 2023 .. 더보기
[Payroll] Demystifying Payroll: The way of Calculating Employee Income Tax on Payslips If you are an employee working for a company, you will receive payment in the form of a salary from the company. (It's same even if you are a representative of a corporate!) And You can observe a few items that have been deducted from your contracted salary (gross salary), highlighted in red in the sections below. These factors can be quite frustrating as they result in a decrease in your gross .. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them. For example, if your employee has a contracted salary of 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office on .. 더보기
How to report your tax in Korea? -2 In my last posting, I’ve explained incomes classification generated in Korea. How to report your tax in Korea? -1 You who are reading this article probably have incomes in Korea. your incomes might be rent income from your real-estate in Korea, dividend/interest income from your financial asset in Korea or your.. g-tax.tistory.com Depending on what kind of income you have, Tax filing obligation .. 더보기
You can claim your parents as dependents on your tax return To qualify as a dependent, the individual must meet several criteria, including living with you. you can claim your spouse/children/brother & sister/parents /spouse's parents who lives with you as dependent on your income tax return. You can get 1,500,000KRW income deduction for a dependent. if you have 3 dependents you are going to get 4,500,000 income deduction and it will reduce your tax liab.. 더보기
Claiming child as a dependent on your income tax return ​ There is age limit on claiming your child as dependent when you file your income tax return or year-end tax settlement. As your children get older, some of the rules about claiming them as a dependent on your tax return changes. It’s important to know the rules, because it can decrese your tax liabilites.. ​ 1.when you deliver a child ​There is tax credit you can get when you give a birth. And.. 더보기
How to report your tax in Korea? -1 You who are reading this article probably have incomes in Korea. your incomes might be rent income from your real-estate in Korea, dividend/interest income from your financial asset in Korea or your income might be wage & salary income generated by woriking in Korea currently. As other countrires in the world, your incomes in Korea must be reported to tax authority and you shall pay taxes for yo.. 더보기
Taxes you should pay on Lottery Winnings Have you ever thought of winning the lottery? It rarely haapen. but, in case of your lottery winning, I'm going to explain taxes about it. ​ The NTS will charge you income tax and local tax on the amount your lottery winnings. ​ 1.How are lottery winnings taxed? ​ In Korea tax law, there are three types of income. 1)income subject to global taxation ​Typically, income tax is imposed using a prog.. 더보기

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