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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

Korean Tax Blog

since 1981-

Housing Allowance

Is Housing allowance taxable income?

Even if an employer didn't pay it added on a monthly salary?

If your employer pay it added on your monthly salary, yes it's quite sure a kind of taxable income, and no doubt at all.

But if your employer provided an apartment, it's a bit controversial if it's not a big and luxury house.

I may not tell you how much big and luxury is taxable, but even if that case, an employer used to provide a house to their employee according to the internal policy, and pay the rent under the name of the company, it may be a good evidence that it's not a taxable income.

 

If it's a kind of taxable income, you and your employer need to pay more SSP(Social security program=4 major insurance premium), you need to pay more individual tax thereafter.

 

If it's taxable, it can be counted for retirement allowance when you leave the employer after a year-long service?

It may not counted for retirement allowances if an employer provided an apartment under his payment, but yes if an employer used pay it with the monthly paycheck.

 

More details, please send me an email to jz@taxjz.com

 

 

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