It’s really important for part-time workers in South Korea to know about contributions and do what they need to do so they can handle their money well. In this blog, we’ll talk about the money that part-time workers in Korea need to give to the government and the things that decide how much they need to pay.
The Korean Tax System for Casual Employees
In South Korea, the National Tax Service (NTS) makes sure people pay duties. Part-time workers are seen as employees for duties and have to pay residence and income duties based on how much they earn and if they have people depending on them.
Income Tax
In South Korea, part-time workers have to pay some of the money they earn to the government as income tax. The more they make, the more tax they have to pay. In 2021, the tax rates will be different depending on how much a person earns. It’s good to know that if part-time workers don’t make a lot of money, they don’t have to pay an income tax.
Resident Tax
Besides income tax, part-time workers in Korea also have to pay resident tax. The amount of resident tax a person has to pay changes based on where they live in Korea. This tax is charged to everyone living in South Korea, no matter how much money they make.
Factors Affecting Tax Liabilities For Part-Time Employees
- How much money a part-time worker needs to pay in taxes depends on how much they earn. If they earn more money, they have to pay more contributions. If a part-time worker earns less than the amount where tax starts, they don’t have to pay income tax, but they still need to pay resident tax.
- Part-time workers with people depending on them, like kids or old parents, might get deductions or not have to pay some contributions because of their dependents. This can make the total amount of taxes owed lower.
- Different types of part-time jobs might have different tax rules. For example, foreign workers in certain job categories might have a fixed tax rate of 17% on their income if they are called “professional service providers.”
Conclusion
Part-time workers in Korea have to pay income tax and resident tax. The amount of tax they have to pay depends on how much money they earn, if they have people depending on them, and the type of job they have. It’s really important for part-time workers to know how much money they need to to payback the government so they can plan their money and manage it well. By understanding their duties and planning for them, they can make sure that contributions don’t affect their financial life too much.