Korean Life Hacks
Time for your hard work to pay off with a bonus! 🥳 Easily understand Korea's 'Earned Income Tax Credit and Child Tax Credit'
- admin A long time ago 2025.07.13 21:24 Popular
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There's a secret government bonus that can add to your wallet! 🤫 It's called the 'Earned Income Tax Credit & Child Tax Credit'.
1. Earned Income Tax Credit & Child Tax Credit (A 'Bonus' for You!) 💸
This is a special gift from the government for those who work hard but don't earn a lot. It's a way of saying "thank you" for your efforts and a support to help with your living expenses. There are two types: the Earned Income Tax Credit for working individuals, and the Child Tax Credit for those with children.
2. Can I get it? 🤔
This is the most important part! The conditions can be a bit complicated, but here are the key points.
Income: You must have income from working, such as receiving a salary or running a small business yourself.
Assets: The total value of all assets your family owns (house, car, savings, etc.) must not exceed 240 million won.
Wait, be sure to know this: Don't assume you can't apply just because you're a foreigner! If you are married to a Korean national or raising children with Korean nationality, you can apply too! 👍
3. So, how much? 🤑
The amount you receive will vary depending on your family members and income.
Earned Income Tax Credit: Depending on your household, you can receive up to 3.3 million won. It's nice to think of it as a year-end bonus!
Child Tax Credit: If you have children, an additional amount! You can receive up to 1 million won per child. This is separate from the monthly 'child allowance' and is another bonus!
4. How to apply? 📲
Since it's related to taxes, the 'National Tax Service' handles it. The easiest way is always online!
It's most convenient to use the 'National Tax Service Hometax' website or mobile app. The application period usually opens in May each year, so be sure to mark it on your calendar!
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