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withholding tax

February Tax Deadlines in Korea 1.Withholding tax filing(~2/13) 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 o.. 더보기
[Payroll]Withholding tax guide [G-tax guide book] Do your company have employees? than I'm sure your company pay salary to your employees. When you pay salary, you should pay 'net salary' which deducted taxes (if need, social insurances too) from salary not the total amounts of salary which is before tax. And deducted taxes should be paid to tax office. yes it means company pay employees taxes on behalf of them from their salary. we call this p.. 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
Tax deadline in Korea (local tax) Besides national taxes like income tax and value-added tax, you also have obligation to pay local taxes in Korea. Local taxes are managed by district office unlike national taxes which are managied by tax authority like NTS. *If you want to know national tax deadline, please click below links. Tax deadline in Korea (National tax) There are quite many kind of taxes in Korea, and every taxes have .. 더보기
Tax deadline in Korea (National tax) There are quite many kind of taxes in Korea, and every taxes have filing and payment due. you should file tax return and pay taxes by due date. if you fail to meet the deadline, there are penalty. Therefore knowing due date of each taxes are crucial.​ Today, I'm going to explain tax deadline of each tax based on each tax law's article. ​ ​ ​ 1.Withholding tax ->A withholding agent shall pay the .. 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

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