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CPA

September Tax schedule in Korea Below is the main tax schedule for September in South Korea. 1.Withholding tax filing(9/11) 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 2,500,000 KRW, you must deduct 35,600 KRW for taxes, and pay your employee 2,464,400 KRW. The 35,600 KRW you deducted must be repo.. 더보기
How to register business bank account to Hometax Please follow the steps outlined below to register your business bank account with the Korea Tax Office. *Note that corporate bank accounts are automatically registered. If your company is categorized as corporate and not an individual business, you can proceed to skip this process. 1.Search ‘Hometax’ 2.Click 국세증명.사업자등록.세금관련 신청/신고 -> 사업용 공익법인 계좌 개설/조회 3.Log in to Hometax 4.Enter your business re.. 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
Crucial Tax Deadlines in July: Stay Updated and Fulfill Your Obligations 1.Withholding tax filing(7/10) 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
Is it safe to pay your phone bill using your corporate bank account? Way to Avoid potential risks. 1.Welfare expense Vs Employee's Salary "Welfare expense" refers to money that a company spends on employee benefits such as meals, snacks, or company dinners. "Salary" encompasses an employee's basic pay and any financial benefits they receive. To determine whether an employee's phone bill payment should be included as part of their salary or welfare expense, it's important to clarify whether it.. 더보기
Avoiding Costly Penalties: Understanding the Taxes You Need to Pay on High Employee Salaries 1.Local tax employee portion There is a local tax called "Local Tax Employee Portion", which not all companies are required to pay. Companies that pay an average monthly salary of over 150,000,000 KRW are obligated to pay this tax. To determine if a company is required to pay this tax, the average salary of the past 12 months, including the payment month, must be calculated each month. For examp.. 더보기
[VAT]Why Your Meal Expenses Are Not VAT Deductible for Your Business? 1.Entertatinment expense As you run your business, you may occasionally treat your clients to luch , dinner, or some gift. and we can account for these costs are "entertainment expense" on your income statement. The rule for VAT deduction is, if you spend money for your business and obtain a tax invoice, cash receipt, or use a credit card(qualified receipt), your can deduct amount of VAT of your.. 더보기
G-tax Providing services If you're looking for a way to better understand your company's tax situation, look no further than G-tax! We offer a user-friendly English version of tax return forms that are designed to simplify the process and help you stay on top of your tax obligations. Our streamlined approach to tax filing ensures that you don't have to navigate complicated tax laws or worry about making costly mistakes... 더보기

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