These utilities are provided by Util Monster (util.monster) - util.monster
Purpose of This Calculator
Automatically calculates 10% Value Added Tax (VAT) and withholding tax (3.3%, 8.8%) for freelancers and sole proprietors. Useful for tax filing and contract preparation.
KRW
VAT Calculation Result
Supply Price (excl. VAT)
1,000,000KRW
VAT (10%)
100,000KRW
Total Price (incl. VAT)
1,100,000KRW
KRW
Withholding Tax Result
Payment Amount
1,000,000KRW
Income Tax (3.0%)
30,000KRW
Resident Tax (0.3%)
3,000KRW
Total Withholding Tax
33,000KRW
Net Amount (after tax)
967,000KRW
Value Added Tax (VAT) Information
β’ VAT Rate: 10% (10% of supply price)
β’ Total Price = Supply Price + VAT
β’ Supply Price = Total Price Γ· 1.1
β’ VAT = Total Price - Supply Price
Withholding Tax Information
β’ Business Income: 3.3% (Income Tax 3% + Resident Tax 0.3%)
β’ Other Income: 8.8% (Income Tax 8% + Resident Tax 0.8%)
β’ Withholding tax is withheld by the payer and paid to the tax office
β’ Settled during year-end tax adjustment or comprehensive income tax filing
β οΈ This calculator is based on South Korean tax law