Income tax calculator South Korea
Find out how much your salary is after tax
Salary rate
Annual
Month
Semimonthly
Weekly
Day
Hour
Withholding
Salary
205,920,000 원
Income Tax
- 47,589,562 원
Local Tax
- 4,758,956 원
National Pension
- 2,829,699 원
National Health Insurance
- 8,080,301 원
Employment Insurance
- 1,853,280 원
Total tax
- 65,111,798 원
Net pay
*
140,808,202 원
Marginal tax rate
43.8%
Average tax rate
31.6%
68.4%
Net pay
31.6%
Total tax
Total tax
Net pay
The Taxberg
140,808,202 원
Net pay
32,943,446 원
Tax the employer pays
65,111,798 원
Tax you pay
Total tax paid
98,055,244 원
Did you know your employer also pays tax on your salary? It costs the employer 32,943,446 원 to pay you 205,920,000 원. In other words, every time you spend 10 원 of your hard-earned money, 4.76 원 goes to the government.
Real tax rate
41.1%
So, with you and the employer both paying tax, what used to be a 31.6% tax rate now rises to 41.1%, meaning your real tax rate is actually 9.5% higher than what it seemed at first.
Summary
If you make 205,920,000 원 a year living in South Korea, you will be taxed 65,111,798 원. That means that your net pay will be 140,808,202 원 per year, or 11,734,017 원 per month. Your average tax rate is 31.6% and your marginal tax rate is 43.8%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of 100 원 in your salary will be taxed 43.77 원, hence, your net pay will only increase by 56.23 원.
Bonus Example
A 1,000 원 bonus will generate an extra 562 원 of net incomes. A 5,000 원 bonus will generate an extra 2,812 원 of net incomes.
North America
Country
Net pay
Average tax
Rank
USA
KRW 141006003
31.5%
1
Canada
KRW 127572611
38.1%
2
NOTE* Withholding is calculated based on the tables of South Korea, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.