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Automatic Calculation Service for Year-end Tax Settlement

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Automatic Calculation Service for Year-end Tax Settlement

This service is an automatic income tax calculation for 2015.
The income tax calculated below may be different from the actual tax withheld by your employer.
If you are in any doubt about this calculation of income tax, go to Help Desk (Q&A).
A non-resident is not entitled to basic deduction (except for oneself), additional deduction (except for oneself), other deduction and credit (except for Tax credit for wage & salary income), etc..
A foreigner may choose either Global taxation with progressive tax rate or Separate taxation of wage & salary income (including non-taxable wage & salary income) by multiplying such income by 17%, which is preferential to him/her. In selecting Separate taxation (the latter), provisions concerning such exemption, deduction, reduction and tax credit shall not be applicable (17% Flat Tax Rate Method).

Details of income from employments

Details of income from employments - Item, Answer(or Amount), Description
Item	Answer (or Amount)	Description
Total Income from Employments	￦	Amount received as payment for labor performed in Korea including non-taxable income from employments

A foreign employee may choose either 17% Flat Tax Rate Method or Progressive Tax Rate Method

A foreign employee may choose either 17% Flat Tax Rate Method or Progressive Tax Rate Method - 15% Flat Tax Rate Method, Progressive Tax Rate Method
17% Flat Tax Rate Method	Progressive Tax Rate Method
Click for Calculation	Click for Calculation

17% Flat Tax Rate Method

17% Flat Tax Rate Method - Item, Answer (or Amount), Description
Item	Answer (or Amount)	Description
Total Income from Employments	￦	Amount received as payment for labor performed in Korea including non-taxable income from employments (automatically calculated)
Flat Rate	17%	(automatically calculated)
Final Tax Liability	￦	Total income amount from employments amount × 17% (automatically calculated)
Tax Pre-paid	￦	Monthly withholding tax (other than the local income tax)
Taxes Due	￦	(automatically calculated)

Progressive Tax Rate Method

Progressive Tax Rate Method - Item, Answer (or Amount), Description

Item

Answer (or Amount)

Description

Total Income from Employments

KRW

Amount received as payment for labor performed in Korea including non-taxable income from employments

Non-taxable income from employments

KRW

Non-taxable income amount from employments
Please refer to the Article 12 (3) of the Income Tax Act regarding non-taxable income

Gross Wage & Salary Income

KRW

Amount received as payment for labor performed in Korea excluding non-taxable income from employment

Deduction for Wage & Salary Income
(Automatically calculated)

KRW

Progressive Tax Rate Method
Gross Wage & Salary Income	Deductible Amount
Up to ￦ 5,000,000	70% of the Gross Wage & Salary Income
Over ￦ 5,000,000 Up to ￦ 15,000,000	￦ 3,500,000 + 40% of the amount exceeding ￦ 5,000,000
Over ￦ 15,000,000 Up to ￦ 45,000,000	￦ 7,500,000 + 15% of the amount exceeding ￦ 15,000,000
Over ￦ 45,000,000 Up to ￦ 100,000,000	￦ 12,000,000 + 5% of the amount exceeding ￦ 45,000,000
Over ￦ 100,000,000	￦ 14,750,000 + 2% of the amount exceeding ￦ 100,000,000

Adjusted Wage & Salary Income
(Automatically calculated)

KRW

Gross Wage & Salary Income - Deduction for Wage & Salary Income (Automatically calculated)

Determined tax amount of the previous workplace

Income tax

KRW

If you have received wage & salary income from the previous workplace during the attributable tax period, enter the determined tax amount written in the Receipt for Wage & Salary Income Taxes Withholding from your previous workplace.

Local Income tax

KRW

Tax Pre-paid

Income tax

KRW

Monthly withholding tax (other than the local income tax)

Local Income tax

KRW

Gross wage & salary income amount is used when calculating income deduction for medical expenses and credit card usage, etc.

Calculation of income deduction for wage & salary income is not on a monthly basis. It is based on the total amount of wage & salary income for the relevant year.

Basic Deduction

Basic Deduction - Item, Answer (or Amount), Description
Item		Answer (or Amount)	Description
Taxpayer himself (Automatically calculated)		KRW	Basic Deduction for taxpayer himself Deduction amount is ￦ 1,500,000 per annum.
Spouse Deduction		Yes No	Spouse with annual income of not more than ￦1,000,000 for the tax year
Dependent Deduction			Enter number of qualified dependents with annual income of not more than ￦1,000,000 for the tax year. Deduction amount is ￦ 1,500,000 per capita for each Dependent Deduction item below.
Dependent Deduction (item)	Lineal ascendants		- Lineal ascendants aged 60 or over (born on or before Dec. 31, 1955)
	Lineal descendants	Children/adopted	- Lineal descendants aged 20 or under (born on or after Jan. 1, 1995) - Adopted children aged 20 or under. * In case that both the lineal descendant/adopted child and his/her spouse are diabled, his/her spouse is also treated as a lineal descendant.
	Lineal descendants	Others
	Brothers & Sisters		- Brothers or sisters aged 20 or under or aged 60 or over * Spouse of siblings are not eligible for deduction.
	Recipient		- Recipient of assistances under Article 2(2) of the National Basic Living Security Act
	Foster children		- Children under foster care for the relevant taxable period of 6 months or more

Spouse and Dependents who earn more than ￦ 1,000,000 are not subject to Basic Deduction.

Close Totally Open Totally

Additional Deduction (Check to enter item)

Additional Deduction - Item, Answer (or Amount), Description
Item	Answer (or Amount)	Description
The aged	aged 70 or over	Number of dependents whose age is 70 or over (born on or before Dec. 31, 1945)Deduction amount is ￦1,000,000 per capita a year
Disabled person		Additional deduction of ￦ 2,000,000 per a disabled person qualified for basic deduction <Definition of the disabled> ① A disabled person specified according to the Welfare of Disabled Persons Act ② A wounded and disabled person with no labour capacity specified according to the Act on the Honorable Treatment and Support of Persons, etc. of Distinguished Services to the State ③ A patient with a serious disease who needs constant care, other than ① and ② ※ In this case, a certificate/proof of his/her disability certified by a medical institution is necessary.
Qualified Female Employee	Yes No	Deduction of ￦ 500,000 in case of ① or ② (her adjusted wage & salary income is not more than ￦ 30,000,000) - ① A female head of household who has no spouse but with dependent family members - ② A female worker with spouse ( regardless of her spouse' income)
Single-Parent	Yes No	￦1,000,000 per capita for single-parent employee(without spouse) having lineal descendants or adoptees who are subject to basic deduction (No double deduction with female employee)

Pension Contribution Deduction (Check to enter item)

Pension Contribution Deduction - Item, Answer (or Amount), Description
Item		Answer (or Amount)	Description
PensionContribution	National Pension Contribution	KRW	100% deduction for pension insurance contribution paid under National Pension Law ※ Excluding user's contribution
	Government employees pension	KRW	100% deduction for wage & salary income earners' contribution according to Public Officials Pension Act
	Military pension	KRW	100% deduction for wage & salary income earners' contribution according to Military Pension Act
	Private schoolpersonnel pension	KRW	100% deduction for wage & salary income earners' contribution according to Pension for Private School Teachers and Staff Act
	Special post office pension	KRW	100% deduction for wage & salary income earners' contribution according to Special Post Offices Act

Special Income Deduction (Insurance) (Check to enter item)

Special Income Deduction (Insurance) - Item, Answer (or Amount), Description
Item	Answer (or Amount)		Description
National HealthInsurance Premium	Amount paid	KRW	Premium deducted from monthly wage & salary income (under the National Health Insurance Act) and long-term senior nursing insurance premium(medical insurance premium borne by employees under the Long-term Senior Nursing Insurance Law) ※ No limit to the amount
Employment Insurance Premium	Amount paid	KRW	Premium deducted from monthly wage & salary income under Employment Insurance Act ※ No limit to the amount

Other Deduction (Personal Pension Plan Deduction) (Check to enter item)

Other Deduction (Personal Pension Plan Deduction) - Item, Answer (or Amount), Description
Item	Answer (or Amount)		Description
Personal Pension Plan	Amount paid	KRW	Taxpayer joined on and before Dec. 31. 2000 - Deduction : Deposit Amount × 40%- Limit : 720,000 KRW

Other Deduction (Credit Card Usage) (Check to enter item)

Other Deduction (Credit Card Usage) - Item, Answer (or Amount), Description
Item	Answer (or Amount)		Description
① Credit Cards (excluding the usage in traditional markets or on public transportation)	Amount	KRW	Amount of payment through Credit Cards
② Cash Receipts (excluding the usage in traditional markets or on public transportation)	Amount	KRW	Total amount of issued cash receipts
③ Debit Cards (excluding the usage in traditional markets or on public transportation)	Amount	KRW	Amount of payment through Debit cards or registered prepaid cards, etc.
④ Amount spent in traditional markets	Amount	KRW	Amount spent on credit cards, debit cards, prepaid cards or cash receipts in traditional markets
⑤ Amount spent on public transportation	Amount	KRW	Amount spent on credit cards, debit cards, prepaid cards or cash receipts on public transportation
⑥ Credit card payment in 2013	Amount	KRW	Amount spent on credit cards, debit cards, prepaid cards or cash receipts in 2013
⑦ Credit card payment in 2014	Amount	KRW	Amount spent on credit cards, debit cards, prepaid cards or cash receipts in 2014
⑧ Amount spent on additional deduction rate in 2013	Amount	KRW	Amount spent on additional deduction rate from 1 Jan. 2013 to 31 Dec. 2013(Excluding Credit card payment)
⑨ Amount spent on additional deduction rate in the first half of 2015	Amount	KRW	Amount spent on additional deduction rate from 1 Jan. 2015 to 30 June 2015(Excluding Credit card payment)
⑩ Credit card payment in 2015	Amount	KRW	Amount spent on credit cards, debit cards, prepaid cards or cash receipts in 2015
⑪ Amount spent on additional deduction rate in 2014	Amount	KRW	Amount spent on additional deduction rate from 1 Jan. 2014 to 31 Dec. 2014(Excluding Credit card payment)
⑫ Amount spent on additional deduction rate in the second half of 2015	Amount	KRW	Amount spent on additional deduction rate from 1 July 2015 to 31 Dec. 2015(Excluding Credit card payment)

<How to calculate the deductible amount for credit card usage>

※ The deductible amount for credit card usage should be calculated only if the aggregate of credit card usage (①+②+③+④+⑤) exceeds 25% of the gross wage & salary income for the tax year.
(If the aggregate of credit card usage is not more than 25% of the gross wage & salary income, the amount is not applicable to deduction.)

- Deductible amount : A - B
  A = {(②+③+④+⑤)×30%} +(①×15%) + {In case ⑦ is larger than ⑥, ⑪-(⑨×50%)×10%} + {In case ⑧ is larger than ⑦, ⑫-(⑩×50%)×20%}
B is calculated as follows:
  - In case that deduction threshold (gross wage & salary×25%) is not more than (①) :
  B can be calculated by threshold×15%
  - In case that deduction threshold (gross wage & salary×25%) is more than (①) :
  B can be calculated by [(①)×15%+{threshold-(①)}×30%]
※ Limit on deduction amount : Min[20% of Gross wage & salary income and ￦ 3,000,000]. However, in case of the amount exceeding the deduction limit, the lesser amount between the excess and the amount spent in traditional markets + the amount spent on public transportation shall be additionally deducted (within limits of 1,000,000 won per annum respectively) (Maximum limits of 5,000,000 won)

Other Deduction (miscellaneous) (Check to enter item)

Other Deduction (miscellaneous) - Item, Answer (or Amount), Description
Item	Answer (or Amount)			Description
Deduction for Small-sized Company and Self-employed Mutual aid association	Amount paid		KRW	Amount of contribution a wage and salary income earner pays for the tax year for the Small-sized Company and Self-employed Mutual aid association ※ 100% of amount paid (Up to ￦ 3,000,000 per annum)
Investment Association	Between Jan.1, 2013 and Dec.31, 2013	Investment amount(10%)	KRW	If a resident makes an investment in an investment association of S/M enterprises establishment by December 31, 2017, 10%[in case that an individual makes a contribution or investment in a venture company directly or through an investment association, 100%(for 15M won or less), 50% (for 50M won or less) or 30% (for more than 50M won) is applied]of the investment amount can be deducted from the global income amount in a tax year which the resident selects. The selected period is from a tax year in which the investment was made to a tax year in which 2 years elapsed from the tax year in which the investment was made. ※ Limit : Up to 50% (40% for the contribution and investment made before Jan. 1, 2013) of Adjusted Wage & Salary income ※ Special Tax for Rural Development will be levied on deducted investment amount
	Between Jan.1, 2013 and Dec.31, 2013	Investment amount(20%)	KRW
	Between Jan.1, 2014 and Dec.31, 2014	Investment amount(10%)	KRW
	Between Jan.1, 2014 and Dec.31, 2014	Investment amount(50%,30%)	KRW
	Between Jan.1, 2015 and Dec.31, 2017	Investment amount(10%)	KRW
	Between Jan.1, 2015 and Dec.31, 2017	Investment amount(100%,50%,30%)	KRW
Contribution Deduction for Employee's Stock Ownership Association	Investment amount		KRW	Contribution to an Employee's Stock Ownership Association to acquire stocks of the company which employs the members of the Employee's Stock Ownership Association ※ Min[Investment amount for the relevant tax year and ￦4,000,000]
Deduction for workers in SMEs which maintain the same employment level	Reduced amount of wage/salary		KRW	50% deduction of reduced amount of wage/salary (up to 10 million KRW) for workers in SMEs which maintain the same employment level with reduced payment of wage/salary under agreement between the CEO and workers when the enterprises are in financial difficulties ※ Applicable on or before Dec. 31, 2015
Deduction for Interest Payment for Housing Rental Loan without a Lump-sum Payment	Payment of interest		KRW	40% of the interest payment made during the relevant taxable year will be deducted from landlord's global income during the taxable year within the limits of 3,000,000 won per annum ※ Applicable on or before Dec. 31, 2015
Deduction for Long-term Collective Investment Security Savings	Investment amount		KRW	Where residents who have wage & salary income (excluding daily worker) joined the Long-term Collective Investment Security Savings, which is qualified for deduction, by 31 Dec.2015, 40% of his/her payment in each taxable year is deducted from wage & salary income of each taxable year for 10 years from the day of registration. (Subject to Special Tax for Rural Development)

Tax Exemption & Tax Credit (Check to enter item)

Tax Exemption & Tax Credit - Item, Answer (or Amount), Description

Item

Answer (or Amount)

Description

Tax Exemption

Income Tax Act

Exempted tax amount

KRW

○ Payment a foreigner receives from his/her government, who is dispatched to Korea under an inter-government agreement.
※ Calculation of amount of tax exemption : Calculated tax amount × (Adjusted wage&salary income subject to exemption/Adjusted wage & salary income)

Restriction of Special Taxation Act

For the youth employed in SMEs

Qualified wage & salary for tax exemption

100%

KRW

○ If a taxpayer[aged between 15 to 29, aged 60 or more, the disabled(excluding military service period with the limit of 6 years] is employed in SMEs from Jan. 1, 2012 to Dec. 31, 2015, his/her wage & salary income tax will be exempted 50% for 3 years from the date of employment.
※ Exempted tax amount = Tax calculated x (Qualified wage & salary for tax exemption / Gross wage & salary)

○ If a taxpayer in the age of between 15 to 29 (excluding military service period with the limit of 6 years) is employed in SMEs from Jan. 1, 2012 to Dec. 31, 2013 and work continuously, his/her wage & salary income tax will be exempted in full for 3 years from the date of employment.
※ Exempted tax amount = Tax calculated x (Qualified wage & salary for tax exemption / Gross wage & salary)

50%

KRW

Exempted tax amount (Automatically calculated)

KRW

For foreign engineers

Exempted tax amount

KRW

○ Income tax exemption for foreign engineers
- If A person who provides technology in Korea under the licensing agreement(limited to an agreement of more than 300,000 dollars) of engineering technology in accordance with the Article 2(5) of the Engineering Industry Promotion Act., or if A person who works as a researcher in a R&D facility of a foreign-invested company which falls under certain requirements : 50% tax exemption for 2 years

Tax Treaty

Exempted tax amount

KRW

○ Income tax exemption for qualified foreign teachers and professors under a tax treaty
※ Applied to qualified foreign teachers and professors who are teaching or engaging in research at a university or other recognized educational institutions such as elementary school, middle and high school.
※ Calculation of exempted tax amount : Calculated tax amount × (Adjusted wage & salary income subject to exemption/Adjusted wage & salary income)

Tax Credit

Tax Credit for Wage & Salary Income

(Automatically calculated)

KRW

○ The following amount is tax credited from the calculated tax amount
a. Amount of tax credit

Amount of tax credit - Calculated income tax, Amount of tax credit
Calculated income tax	Amount of tax credit
Not more than ￦1,300,000	55% of the calculated income tax
More than ￦1,300,000	￦715,000 + 30% of the amount exceeding ￦1,300,000

b. Limitation of tax credit

Limitation of tax credit - Gross Wage & Salary income Bracket, Limitation of tax credit
Gross Wage & Salary income Bracket	Limitation of tax credit
up to ￦33,000,000	￦740,000
over ￦33,000,000 ∼ up to ￦70,000,000	￦740,000 - [(Gross Wage & Salary income Bracket - ￦33,000,000) × 0.008] If above amount is less than 660,000 won, the limitation of tax credit will be 660,000 won.
over ￦70,000,000	￦660,000 - [(Gross Wage & Salary income Bracket - ￦70,000,000) × 1/2] If above amount is less than 500,000 won, the limitation of tax credit will be 500,000 won.

○ In case of Tax exemption for the youth employed in SMEs
- Tax Credit for Wage & Salary Income × (1 - tax exemption ratio of wage & salary income*)
* Tax exemption ratio of wage & salary income = Exempted tax amount of the youth employed in SMEs / Calculated Income Tax

Tax Credit for Child

Child

(Automatically calculated)

KRW

○ As for child tax credit (including adopted and fostered child) of resident with global income, following amounts are deducted from the calculated global income tax

Tax Credit for Child - Number of children, Amount of child tax credit
Number of children	Amount of child tax credit
one	150,000 won per year
two	300,000 won per year
three on above	300,000 won per year + 300,000 each from the third child

aged 6 or younger

Number of children

aged 6 or younger : if more than 1 child, 150,000 won for each additional child

New born/Adopted child

Number of children

○ new born/adopted child : 300,000 won for each child

Tax Credit for Pension Account

Retirement Pension accounts

Scientific technician

Amount of payment

KRW

Payments made by employees under Scientists and Engineers Mutual-aid Association Act

The amount equivalent to 12%(gross wage & salary income is not more than 55M won : 15%)of the amount of pension account paid by a resident [payment amount of pension account: up to 7M won per year(pension savings accounts : 4M won)] is deducted from the calculated global income of relevant taxable year.

Payments made by employees under Guarantee of Workers' Retirement Benefits Act

Amount of payment

KRW

Payments made by employees under Guarantee of Workers' Retirement Benefits Act

Pension Savings Accounts

Amount of payment

KRW

Deposit amount of pension savings accounts (joined on and after Jan.1, 2001)(up to 4M won)

Tax credit for Insurance premium

Other Security Insurance

Amount paid

KRW

Security insurance for taxpayer him/herself and dependents
※ Tax credit ratio : 12%
※ Up to ￦ 1,000,000 per annum

Security Insurance for the disabled only

Amount paid

KRW

Security insurance premium for the disabled only of which insurant or beneficiary is with disability, provided that the wage & salary income earner pays the premium for the disabled among his/her family members
※ Tax credit ratio : 15%
※ Up to ￦ 1,000,000 per annum

Tax credit for Medical expenses

① Taxpayer him/herself

Amount paid

KRW

Medical expenses paid by a taxpayer for him/herself, those aged 65 or over (born on or before Dec.31,1950), or the disabled or Treatment cost for infertility
※ Tax credit ratio : 15%
※ No limit to the amount
※ Excluding such medical expenses as cosmetic/plastic surgery and health promoting medicine

② Aged 65 or over

Amount paid

KRW

③ The disabled

Amount paid

KRW

④ Treatment cost for infertility

Amount paid

KRW

⑤ Other medical expenses

Amount paid

KRW

Medical expenses paid by a taxpayer for the dependents eligible for basic deduction other than taxpayer him/herself, the aged and the disabled.
※ Tax credit ratio : 15%
※ Excluding such medical expenses as cosmetic/plastic surgery and health promoting medicine

Deductible medical expenses (Automatically calculated)

KRW

* Automatically calculated

Tax credit Amount (Automatically calculated)

KRW

* Automatically calculated

<How to calculate the deductible medical expenses>

- Threshold: Gross wage & salary income × 3%
* If the sum of medical expenses paid (①+②+③+④+⑤) is less than the threshold, deductible medical expenses are "0"
* When the sum of medical expenses paid (①+②+③+④+⑤) exceeds the threshold, the amount in line ⑤ and the threshold are compared as follows:

the threshold are compared as follows
Classification	⑤ ≥ Threshold	⑤ < Threshold
Amount Deductible	(①+②+③+④)+(⑤-Threshold)	(①+②+③+④)-(Threshold-⑤)
Limit	- (①+②+③+④): No limit - (⑤-Threshold): ￦ 7,000,000	- (①+②+③+④)-(Threshold-⑤): No limit

Tax credit for Educational expenses

Taxpayer himself

Educational Expense

KRW

○ Tax credit ratio : 15%
○ Limit

Limit - Taxpayer him/herself, Kindergarten, Elementary / Middle High School, College / University
Taxpayer him/herself	Kindergarten	Elementary / Middle High School	College / University
Full Amount	3 million KRW / Year	3 million KRW / Year	9 million KRW / Year

Spouse, lineal descendant, sibling, the adopted, and fostered child subject to basic deduction

Add a family member(+) / Delete the member(-)

The disabled

Special Educational Expenses

KRW

○ Tax credit ration : 15%
◎ Educational expenses made to the following facilities for rehabilitation of the disabled who are subject to the taxpayer's basic deductions
① Social welfare facilities according to the Social Services Act
② The non-profit corporation / facility established under civil law and designated by the Ministry of Health and Welfare to operate rehabilitation of the disabled
③ Institutions providing rehabilitative services to the children with developmental disability designated by local governments under Article 21 (3) of the Act on Welfare Support to the Child with Disability
④ Facilities or corporations located in a foreign country and similar to ① or ②

Deductible educational expenses
(Automatically calculated)

KRW

Tax credit Amount
(Automatically calculated)

KRW

<How to calculate the deductible educational expenses>

Total education expenses for family members (taxpayer himself/herself included) qualified for basic deductions (No age limit)

Educational expenses paid to schools according to the Early Childhood Education Act, the Elementary and Secondary Education Act and the Higher Education Act

Educational expenses paid to cyber colleges under the Life-Iong Education Act and the educational courses under the Act on Recognition of Credits, etc. or the Act on the Acquisition of Academic Degrees through Self-education

Educational expenses paid to an overseas educational institute

Limited to students who are qualified to study abroad at his/her own expense under Articles 5 and 15 of the Regulations on Studying Abroad, if a resident who pays educational expenses for the students enrolled in an overseas educational institute works in Korea.

Educational expenses paid to child-care centers under the Infant Care Act, private teaching institutes under the Act on the Establishment and Operation of Private Teaching Institutes and Extracurricular Lessons, or sports facilities for children before elementary schools

Total education expenses for taxpayer himself/herself only

Educational expenses paid for educational courses corresponding to one or more semesters of a college (including a cyber college and courses to obtain a degree) or a graduate school, and expenses paid for an hour-based program under the Higher Education Act

Lecture fees paid for vocational education conducted by vocational institutes (subsidy is not included)

Tax credit for Charitable Donations

Political Fund Donations

Amount

KRW

Donations to a political party, etc. as prescribed by Article 76 of the Restriction of Special Taxation Act
◎ Tax credit ratio
- less than ￦100,000 : 100/110
- exceed ￦100,000 : 15%(25% of over ￦30,000,000)
◎ Limit : Up to Adjusted Wage & Salary income
※ Please enter actual amount paid

Statutory Donations

Carried Over(~2013)

KRW

Donations to government relief funds relative to disasters, earthquakes, floods, etc.,
Donations to the Korean government or local autonomous government bodies.
Donation for national defense purposes.
Consideration for the voluntary support rendered in special disaster areas, etc.

◎ Limit : Adjusted Wage & Salary income - Political Fund Donations※ Period of carry-over deduction if the amount exceeds the limit : 5 years

Carried Over(2014)

KRW

Amount

KRW

Donation to employee stock ownership Ass.

Amount

KRW

◎ Limit : (Adjusted Wage & Salary income-Political Fund Donations-Statutory Donations) × 30%

Designated donations to organizations other than religious org.

Carried Over(~2013)

KRW

◎ Limit
- If the taxpayer did not make donations to religious organizations;
(Adjusted Wage & Salary income-Political Fund Donations-Statutory Donations-Donation to employee stock ownership Ass.) × 30%
- If the taxpayer made donations to religious organizations;
[(Adjusted Wage & Salary income-Political Fund Donations-Statutory Donations-Donation to employee stock ownership Ass.)×10%] + Min[(Adjusted Wage&Salary income-Political Fund Donations-Statutory Donations-Donation to employee stock ownership Ass.)×20%, donations to organization other than religious organizations]
※ Period of carry-over deduction if the amount exceeds the limit : 5 years

Carried Over(2014)

KRW

Amount

KRW

Donations to religious org.

Carried Over(~2013)

KRW

Carried Over(2014)

KRW

Amount

KRW

Standard tax credit

(Automatically calculated)

KRW

Where conducting year-end tax settlement for an employee who fails to submit a Report of Exemption and Deduction · Tax credit from Income under Article 140 of the Income Tax Act, a withholding agent shall only apply basic deduction for taxpayer and standard tax credit(￦130,000).

Others Tax credit

Taxpayer Association Credit

Credit amount

KRW

10% of income tax withheld by Taxpayer Association

ForeignTax Credit

Foreign source income

KRW

In case where a resident's foreign source income is included in his/her wage and salary income and if he/she has paid or is about to pay tax for the foreign source income to the foreign tax authorities, Limit : Calculated tax amount × Foreign source wage & salary income / Global income

Foreign income tax

KRW

This automatic calculation is based on "Easy Guide for Foreigners' Year-end Tax Settlement". Automatic calculation for non-residents is not available.

If the amount of income and deductions are not accurately entered in each of the boxes above, this program will produce incorrect results.

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Sejong Government ComplexⅡ, 8-14, Guksecheong-ro, Sejong Special Self-Governing City, Republic of Korea

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