Utilz
Year-End Tax Settlement Calculator
Estimate your Korean income tax refund or additional payment
Why Use This Tool?
- Estimate your tax refund before filing.
- Understand how deductions affect your final tax.
- Plan your finances around year-end settlement results.
Calculation Method
Taxable Income = Salary - Income Deduction - Itemized Deductions - Personal Deduction. Tax = Progressive Rate Applied to Taxable Income. Refund/Due = Tax Already Paid - Final Tax.
How to Use
- Enter your annual salary
- Enter deduction items (insurance, medical, education, etc.)
- Enter tax already paid (withheld)
- View your estimated refund or additional tax
FAQ
What is year-end tax settlement?
Year-end tax settlement (연말정산) is the annual process in Korea where employers reconcile the income tax withheld from your salary with the actual tax owed based on your deductions and credits.
How are Korean income tax brackets structured?
Korea uses progressive brackets: 6% up to 14M won, 15% up to 50M, 24% up to 88M, 35% up to 150M, 38% up to 300M, 40% up to 500M, 42% up to 1B, and 45% above 1B won.
What deductions can I claim?
Common deductions include national insurance premiums, medical expenses, education expenses, charitable donations, credit card spending (above threshold), and private pension contributions.
Related Tools
4 Major Insurance Calculator
Calculate all Korean social insurance premiums
Savings Interest Calculator
Calculate Korean savings account interest
Auto Loan Calculator
Calculate car loan payments and costs
Ovulation Calculator
Find your fertile window and ovulation day
Number to Words Converter
Convert numbers to words