Taxes in Korea

Got my last payslip today. While I will get paid this month’s salary on March 10, this is the last time I will receive a payslip while working here. Here’s the breakdown of all the taxes and fees, etc that I have been contributing to South Korea.

10000_won_serieVI_obverse

1. Salary
총지급액 Salary (before tax)
실지급액 Salary (after tax)

2. Taxes
소득세 General Income Tax: average 4.24%
지방소득세 Local Income Tax: 0.42% (always 10% of the General Income Tax)
국민연금 National  Pension Tax: always 3.65% (if your country has a reciprocal pension scheme with South Korea)
고용보혐료 Employment Insurance: 0% (no such thing for an expat)
건강보험료 Health Insurance Contribution: always 3.00% (recently went up by 1.7%)
공조회비 Social Contribution/Fees: 0%
노조회비 Union Fees: 0% (no such thing for an expat, but we do get the same gifts as fee-paying members)

공제합계 Total Taxes: about 12%

3. Savings/Investments
재형저축 Nest-egg Savings:
증권저축 Securities Savings:
장기저축 Long Term Savings:
장기증권 Long Term Securities:
장기적금 Installment Savings:
출자금 Other Investments:
*I imagine the permanent employees that have elected to have part of their salary paid in company stock would have some of these sections filled

4. Totals
세액누계 Total Taxes paid so far
Further broken down into the General Income Tax and the Local Income Tax. There’s also a section here for fees paid in total.
국민연금누계 Total National Pension Tax paid so far
*This is the amount you will receive eventually when you leave South Korea (assuming you do the necessary paperwork)
급여누계 Total Salary paid so far

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