How is the tax calculated for a Korean employee of a foreign-invested company?

The standard tax base for income tax is calculated by deducting the income tax and general income tax from the total income:

– the income tax is between 5% – 50% depending on the amount of wage
– the general income tax includes the basic deduction, deduction for spouse, insurance,
medical fee, etc.)

First, tax is calculated by applying an extra progressive tax rate of 9% – 36% to the tax base. The wage income tax is deducted, which is then the payable tax amount

Deduction of income (limited to KRW500,000)

– if the calculated tax is under KRW500,000: 55% of the calculated tax
– if the calculated tax is over KRW500, 000: KRW275 million + 30% of the amount
exceeding KRW500, 000.