What are payroll taxes in South Korea?

Question

Accepted Answer

The following rates of taxation for 2020 are charged on employment income:

 	Income of up to KRW12 million: 6%.
 	Income from KRW12 million up to KRW46 million: 15% (plus KRW0.72 million).
 	Income from KRW46 million up to KRW88 million: 24% (plus KRW5.82 million).
 	Income from KRW88 million up to KRW150 million: 35% (plus KRW15.90 million).
 	Income from KRW150 million up to KRW300 million: 38% (plus KRW37.60 million).
 	Income from KRW300 million up to KRW500 million: 40% (plus KRW94.60 million).
 	Income of KRW500 million and above: 42% (plus KRW174,60 million).

Social security contributions for 2020 are:

 	National pension: 9% of monthly salary up to KRW4.86 million. The contribution is shared equally by the employer and the employee.
 	National Health Insurance: 6.67% of monthly salary plus 10.25% of the health insurance premium for long-term care insurance. The employer and the employee share the contribution equally.
 	Industrial Accident Compensation Insurance: the employer contributes between 0.7% to 34.04% of monthly salary, depending on the industry.
 	Unemployment Insurance: 1.6% of monthly salary for unemployment insurance. The employer and the employee share the contribution equally. In addition, the employer contributes between 0.25% to 0.85% (depending on the size of the company) of monthly salary for job security and vocational capability insurance.