South Korea Tax Tables 2024 - Tax Rates and Thresholds in South Korea

This page contains the tax table information used for the calculation of tax and payroll deductions in South Korea in 2024. 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.

South Korea Personal Income Tax Tables in 2024

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 2024.

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 2024

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.

The national pension scheme is a cornerstone of South Korea's social security system, aimed at ensuring individuals have financial support upon retirement. Contributions to this scheme are made by both employees and employers, funding retirement benefits that provide income to retirees to help maintain their standard of living in old age.

Health insurance contributions cover a broad spectrum of medical services, including prevention, diagnosis, treatment, and rehabilitation. This ensures that individuals have access to affordable healthcare, reducing the financial burden of medical expenses. The program is funded by contributions from both employers and employees, as well as government support.

Employment insurance provides benefits in the event of job loss, offering financial assistance to unemployed individuals while they seek new employment. Additionally, it supports vocational training programs to help workers improve their skills and increase their employability. This insurance is financed through contributions from both employees and employers.

Industrial accident compensation insurance offers protection to workers who suffer from work-related injuries or illnesses, covering medical expenses and providing compensation for lost wages. This insurance is fully funded by employers, emphasizing the responsibility of employers to ensure the safety and health of their employees at the workplace.

These social security and payroll deduction programs play a vital role in safeguarding the welfare of South Korea's workforce, providing a safety net that supports individuals and families through various life events and challenges. By contributing to these programs, both employees and employers invest in the well-being and stability of the society as a whole.

South Korea VAT Rates in 2024

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.

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.