📋 Income Tax Calculator
Gross Income
5000만원
Taxable Income
3625만원
Total Tax
460만원
Effective: 9.2%
After-tax
4540만원
📊 Tax Breakdown
Tax Payable
Income Tax4,177,500원
Local Tax (10%)417,750원
Total Tax4,595,250원
Tax by Bracket
0M ~ 14M (6%)840,000원
14M ~ 50M (15%)3,337,500원
📈 2024 Income Tax Brackets
| Taxable Income | Rate | Deduction |
|---|---|---|
| 0원 ~ 1400만원 | 6% | 0원 |
| 1400만원 ~ 5000만원 | 15% | 1,260,000원 |
| 5000만원 ~ 8800만원 | 24% | 5,760,000원 |
| 8800만원 ~ 1.5억원 | 35% | 15,440,000원 |
| 1.5억원 ~ 3.0억원 | 38% | 19,940,000원 |
| 3.0억원 ~ 5.0억원 | 40% | 25,940,000원 |
| 5.0억원 ~ 10.0억원 | 42% | 35,940,000원 |
| 10.0억원 over | 45% | 65,940,000원 |
💰
Income Tax Result
Total Tax 460만원
✨ 9.2% effective rateBased on 5000만원 annual income
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Note
This calculator is for estimation purposes. Actual tax may vary by individual circumstances. Please consult a tax professional for accurate calculations.
💡Check these out next
What is Income Tax?
Income tax is levied on all income earned by an individual during the year. It includes salary, business income, interest, dividends, pension, and other income. Annual filing is required in May for the previous year.
Income Deduction vs Tax Credit
| Type | Income Deduction | Tax Credit |
|---|---|---|
| Effect | Reduces taxable income | Directly reduces tax |
| Tax Savings | Varies by marginal rate | Full credit amount |
| Examples | Personal deduction, pension | Pension savings, medical |
Key Tax Saving Methods
- Pension Savings/IRP: Up to 1.15M KRW tax credit for 7M annual contribution
- Credit Card Deduction: 15-40% deduction on spending over 25% of income
- Housing Savings: 40% deduction on up to 2.4M annually
- Medical Tax Credit: 15% credit on medical expenses over 3% of income
Filing Schedule
- Year-end Settlement: January-February
- Final Filing: May 1-31
- Payment Deadline: May 31 (installments available)