CalKit

Year-End Tax Calculator

Calculate year-end tax settlement refund.

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예상 환급액
환급
407,250원

소득공제 내역

총 소비액15,000,000원
최저사용금액 (급여 25%)12,500,000원
카드 소득공제액375,000원

세액공제 내역

의료비 세액공제0원
교육비 세액공제300,000원
기부금 세액공제75,000원
총 세액공제750,000원

세금 요약

산출세액4,177,500원
공제 후 세액3,427,500원
예상 환급액407,250원

Overview

Year-End Tax Settlement is the process where Korean employees reconcile their actually owed income tax against the amount withheld throughout the year. Overpayments are refunded, while underpayments require additional payment. By maximizing deductions and credits, employees can increase their refund, often called the '13th month salary.'

Formula

Final Tax = (Gross Salary - Earned Income Deduction - Personal Exemptions - Special Deductions) x Rate - Tax Credits. Refund/Payment = Prepaid Tax - Final Tax. Earned Income Deduction: varies by salary (min 70%, max cap KRW 14.75M). Credits: earned income credit, child credit, rent credit, medical, education, donations.

How to Use

  1. 1Enter your annual gross salary (before tax).
  2. 2Input personal exemption details (dependents).
  3. 3Enter income deduction items (national pension, health insurance, housing, credit cards, etc.).
  4. 4Enter tax credit items (medical, education, donations, rent, etc.).
  5. 5Click Calculate to see final tax, prepaid tax, and refund or additional payment.

Tips

  • ✔Credit card deductions apply only to spending above 25% of gross salary. Debit card and cash receipt deduction rates (30%) are higher than credit card rates (15%).
  • ✔Rent tax credit (for non-homeowner household heads earning under KRW 70M) allows a 15-17% credit on rent payments.
  • ✔Pension savings and IRP contributions qualify for credits on up to KRW 9 million combined.
  • ✔The NTS Hometax 'Simplified Year-End Service' provides most deduction data automatically.
  • ✔Dual-income couples can optimize refunds by strategically assigning dependent deductions.

FAQ

Q. When is the year-end tax refund paid?

Typically reflected in the February paycheck. Depending on the employer's schedule, it may be paid in March.

Q. What is the credit card deduction limit?

KRW 3 million for gross salary up to KRW 70M, KRW 2.5M for 70M-120M, and KRW 2M for over 120M as the basic limit. Additional limits exist for traditional market, public transport, and cultural spending.

Q. Do mid-year hires or departures need year-end settlement?

Yes, the current employer handles it. You must submit the withholding receipt from your previous employer. If you left mid-year without re-employment, you must file a comprehensive income tax return by May.

Q. How do pension savings and IRP credits work?

Pension savings (up to KRW 6M) and IRP combined (up to KRW 9M) qualify for tax credits. The credit rate is 16.5% for gross salary up to KRW 55M and 13.2% above that.

Related Articles

Complete Guide to Year-End Tax Settlement 2026

A comprehensive guide to Korea's 2026 year-end tax settlement. From commonly missed deductions to updated tax laws — plus calculators to estimate your refund.

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