South Korea Tax Tables 2022 - Tax Rates and Thresholds in South Korea
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This page contains the tax table information used for the calculation of tax and payroll deductions in South Korea in 2022. These tax tables are used for the tax and payroll calculators published on iCalculator™ KR, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for South Korea or would like to add to or suggest amendments to the information herein then please contact us.
2022 Tax Tables [Quick Links]
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South Korea Personal Income Tax Tables in 2022
The Income tax rates and personal allowances in South Korea are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the South Korea Tax Calculator 2022.
South Korea Residents Income Tax Tables in 2022
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 6% | Income from ₩ 0.000.00 | to | ₩ 12,000,000.00 |
| 15% | Income from ₩ 12,000,000.01 | to | ₩ 46,000,000.00 |
| 24% | Income from ₩ 46,000,000.01 | to | ₩ 88,000,000.00 |
| 35% | Income from ₩ 88,000,000.01 | to | ₩ 150,000,000.00 |
| 38% | Income from ₩ 150,000,000.01 | to | ₩ 300,000,000.00 |
| 40% | Income from ₩ 300,000,000.01 | to | ₩ 500,000,000.00 |
| 42% | Income from ₩ 500,000,000.01 | to | ₩ 1,000,000,000.00 |
| 45% | Income from ₩ 1,000,000,000.01 | | and above |
South Korea Non-residents Income Tax Tables in 2022
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 6% | Income from ₩ 0.000.00 | to | ₩ 12,000,000.00 |
| 15% | Income from ₩ 12,000,000.01 | to | ₩ 46,000,000.00 |
| 24% | Income from ₩ 46,000,000.01 | to | ₩ 88,000,000.00 |
| 35% | Income from ₩ 88,000,000.01 | to | ₩ 150,000,000.00 |
| 38% | Income from ₩ 150,000,000.01 | to | ₩ 300,000,000.00 |
| 40% | Income from ₩ 300,000,000.01 | to | ₩ 500,000,000.00 |
| 42% | Income from ₩ 500,000,000.01 | to | ₩ 1,000,000,000.00 |
| 45% | Income from ₩ 1,000,000,000.01 | | and above |
In South Korea, social security deductions are considered when calculating taxable income for individuals. Contributions made to the national pension, health insurance, and employment insurance by employees can be deducted from their gross income before the income tax is calculated. This approach lowers the taxable base of an individual, potentially reducing the amount of income tax owed. By allowing these deductions, the South Korean tax system acknowledges the importance of social security contributions and provides a measure of tax relief to contributors, thereby encouraging participation in these crucial social welfare programs.
South Korea Social Security and Payroll Deduction Rates in 2022
In South Korea, the social security system is designed to provide comprehensive coverage for workers and their families, encompassing health insurance, national pension, employment insurance, and industrial accident compensation insurance. Both employees and employers are required to contribute to these programs, ensuring a wide range of benefits that support individuals in various circumstances, from healthcare needs to retirement and unemployment.
South Korea Social Security in 2022: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| National Pension (NP) | 4.5% | 4.5% | 9% |
| National Health Insurance (NHI) | 4.004% | 4.004% | 8.008% |
| Employment Insurance (EI) | 0.9% | 1.5% | 2.4% |
| Worker’s Accident Compensation Insurance (WCI) | 0% | 5% | 5% |
South Korea Social Security and Payroll Deduction in 2022: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| National Pension (NP) | n/a | ₩ 70,800,000.00 | n/a | ₩ 70,800,000.00 |
| National Health Insurance (NHI) | n/a | ₩ 114,957,120.00 | n/a | ₩ 114,957,120.00 |
| Employment Insurance (EI) | n/a | n/a | n/a | n/a |
| Worker’s Accident Compensation Insurance (WCI) | n/a | n/a | n/a | n/a |
South Korea VAT Rates in 2022
VAT rates for South Korea are reviewed annually, you can use the VAT Calculator to calculate VAT due in South Korea or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
South Korea VAT Rates| VAT Rate | VAT Description |
|---|
| 0% | Zero Rated |
| 10% | Standard Rate |
Historic Tax Tables supported for South Korea
The following tax tables are supported by iCalculator™ KR as part of the suite of free tax tools we provide for South Korea.