Income Tax Calculator - 2023 Income Tax Calculator for Salary
The "Income Tax Calculator" is designed based on the revised simplified income tax table for salary in FebruaryThe calculation results provided by this program are for reference only and may differ from the actual tax amount collected.
The monthly salary amount refers to the income excluding tax-exempt income. The "Number of Dependent Family Members (Including Self)" refers to the number of dependent family members, including yourself, who qualify for basic deductions. The "Number of Children Under 20 Years Old" refers to the number of children between 7 and 20 years old who are eligible for basic deductions.
If the annual income exceeds 1 million won, the individual is excluded from the basic deduction category. Even if the child is between 7 and 20 years old, they will be excluded from the number of children if their annual income exceeds 1 million won.
Employees can choose between 80%, 100%, or 120% of the tax amount based on the simplified income tax table for salary when it comes to withholding tax. (The withholding tax obligor must submit the "Income Tax Withholding Tax Adjustment Application" form.)
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