Income Tax Calculator
Calculate your income tax with 2026 tax brackets. Enter income, deductions, and credits to see your tax liability and effective rate.
About This Tool
The Comprehensive Income Tax Calculator estimates your annual Korean income tax for all taxable income sources including business, freelance, rental, interest, and dividend income. It applies progressive tax brackets, deductions, and credits to compute your final tax liability or expected refund.
Standard deduction, pension, insurance, etc.
Earned income credit, donations, education, etc.
How to Use
- Enter your annual gross income.
- Enter total deductions (standard deduction, pension, insurance, etc.).
- Enter total tax credits (earned income credit, donations, education, etc.).
- Click Calculate to see your income tax breakdown.
Frequently Asked Questions
What's the difference between this and the Freelancer Tax Calculator?
The Freelancer Tax Calculator focuses on 3.3% Korean withholding tax analysis. This Income Tax Calculator provides comprehensive calculation for all income types with detailed deduction and credit options.
Who needs to file income tax?
Anyone with business income, rental income, freelance earnings, or multiple income sources. Also required if financial income (interest + dividends) exceeds certain thresholds.
What's the difference between deductions and tax credits?
Deductions reduce your taxable income (the base amount for tax calculation). Tax credits directly reduce the calculated tax amount. Credits provide more direct tax savings.
What is local income tax?
Local income tax is 10% of your determined federal/national tax and is paid separately to your local government.
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How It's Calculated
The calculation follows the Korean income tax structure:
1. Gross Income: Sum of all income sources 2. Necessary Expenses: Deducted by income type (business: actual or standard rates) 3. Income Deductions: Basic (₩1.5M), dependents, pension contributions, health insurance, etc. 4. Taxable Income = Gross Income − Expenses − Deductions 5. Calculated Tax using progressive brackets: 6% (≤₩14M), 15% (≤₩50M), 24% (≤₩88M), 35% (≤₩150M), 38% (≤₩300M), 40% (≤₩500M), 42% (≤₩1B), 45% (>₩1B) 6. Tax Credits: child credit, retirement pension credit, standard credit, etc. 7. Final Tax = Calculated Tax − Tax Credits + Local Income Tax (10%)
⚠️ Disclaimer
Tax laws change annually. This calculator reflects general tax brackets and common deductions but cannot account for every individual situation. For accurate tax filing, use the National Tax Service's Hometax system or consult a certified tax accountant.
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