| View previous topic :: View next topic |
| Author |
Message |
warmachinenkorea
Joined: 12 Oct 2008
|
 Posted: Thu Jun 24, 2010 4:55 pm Post subject: |
 |
|
I'm at a PS
If someone is making more than 91,000 USD then good for them. But to report privates on an E-2 would be asking for trouble.
It's not as hard as most think it is. |
|
| Back to top |
|
 |
hypnotoad777
Joined: 05 Apr 2010
|
| Posted: Thu Jun 24, 2010 4:57 pm Post subject: |
|
|
| War machine, it sounds like a lot of people have a lot of different experiences. Some schools seem to tax, while others have not, from what I've been told. It all seems a little wishy washy. Seems to me the best way to do everything above board (whether my school asks me to or not), in order to reap as much cash as I can without legal consequences (less likely) or the IRS later collecting on my ass (unlikely, but more likely, nonetheless). |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 5:09 pm Post subject: |
|
|
It's not a matter of schools doing it. It's the government. The US and Korea have a Tax Agreement. As an American citizen you shouldn't pay taxes in Korea for 2 years. After 2 years pay up to the Korean Gov.
Yes, ppl should turn in all the forms and stuff the schools ask for. Then file with the IRS. I filled in April through Turbo Tax answered all the questions and at the end owed nothing or recieved nothing. |
|
| Back to top |
|
|
hypnotoad777
Joined: 05 Apr 2010
|
| Posted: Thu Jun 24, 2010 5:19 pm Post subject: |
|
|
| You don't pay the taxes because of submitting your residency certificate proving that you are an American citizen/inhabitant/whatever. From what Nature Girl is saying, it sounds as though individuals still get taxed Korean taxes before their exemption form goes through. I'm not sure how you're an exception. Perhaps someone at your school filed for it for you? |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 5:38 pm Post subject: |
|
|
Yes before your form is completed and turned in they will tax you. After it is turned in they are supposed to return any taxes taken.
The people in my school are a bit silly and just took my word for it that I dont have to pay taxes. They were confused as to how to handle the taxes. I didn't want to add to the confusion. I'm in a rural area and they didn't have much experience with NETs.
Next contract I will pay because my 2 years are up. |
|
| Back to top |
|
|
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Thu Jun 24, 2010 7:02 pm Post subject: |
|
|
| warmachinenkorea wrote: |
I'm at a PS
If someone is making more than 91,000 USD then good for them. But to report privates on an E-2 would be asking for trouble.
It's not as hard as most think it is
It's not a matter of schools doing it. It's the government. The US and Korea have a Tax Agreement. As an American citizen you shouldn't pay taxes in Korea for 2 years. After 2 years pay up to the Korean Gov.
Yes, ppl should turn in all the forms and stuff the schools ask for. Then file with the IRS. I filled in April through Turbo Tax answered all the questions and at the end owed nothing or recieved nothing.. |
Reporting to KOrea and reporting to the US are completely different matters.
True, it's two years, BUT it's not automatic, hence the IRS form you have to file and second, it's not supposed to prevent people from not paying taxes completely (yet there are loopholes), i'ts simply to prevent double taxation.
My situation might be different from others. I haven't paid US taxes since 2001. I filed the 2555. Last year however, I owed 58 bucks, becuase of that I was a US tax resident.
However, since I submitted the form to my school, they gave me my taxes back. I'm not sure if I still have to pay medical, NHS stuff, but I did geta refund of over 1 mil for the three months they took out taxes.
Back in 2007 and 2008 when I was here, I was at a PS in Gangnam, I wasn't taxes. It was automatic. Hagwons, PS and unis all do things differently.
Just file and have it ready just in case it isn't automatic. |
|
| Back to top |
|
|
hypnotoad777
Joined: 05 Apr 2010
|
| Posted: Thu Jun 24, 2010 7:09 pm Post subject: |
|
|
| naturegirl321 wrote: |
| Just file and have it ready just in case it isn't automatic. |
AHHHHMEN. |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 7:49 pm Post subject: |
|
|
Why would I report to Korea when there is nothing to report?
I don't and haven't paid any Korean taxes on my income. There is no need to report. Next contract, August 2010-2011 I'll pay and report.
I report to the US because I'm a US citizen and they require that of me. |
|
| Back to top |
|
|
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Thu Jun 24, 2010 7:52 pm Post subject: |
|
|
| warmachinenkorea wrote: |
I'm at a PS
If someone is making more than 91,000 USD then good for them. But to report privates on an E-2 would be asking for trouble.
It's not as hard as most think it is. |
I don't know, you said it, not me. |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 7:58 pm Post subject: |
|
|
| Quote: |
| I don't know, you said it, not me. |
 |
|
| Back to top |
|
|
hypnotoad777
Joined: 05 Apr 2010
|
| Posted: Thu Jun 24, 2010 8:04 pm Post subject: |
|
|
| Because it's illegal? And you could potentially incur some blowback from the IRS if you don't? Pretty sure that's why everyone else does it. No one's telling you to do anything. This is just what is legally required. |
|
| Back to top |
|
|
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Thu Jun 24, 2010 8:06 pm Post subject: |
|
|
| YOu're talking about reporting privates on an E2, you mean reporting on your IRS forms or reporting to the K govt? |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 8:16 pm Post subject: |
|
|
| Quote: |
| YOu're talking about reporting privates on an E2, you mean reporting on your IRS forms or reporting to the K govt? |
I think reporting any income earned illegally to anybody would be a bad idea.
| Quote: |
| Because it's illegal? And you could potentially incur some blowback from the IRS if you don't? Pretty sure that's why everyone else does it. No one's telling you to do anything. This is just what is legally required. |
Another |
|
| Back to top |
|
|
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Thu Jun 24, 2010 8:24 pm Post subject: |
|
|
| warmachinenkorea wrote: |
| Quote: |
| YOu're talking about reporting privates on an E2, you mean reporting on your IRS forms or reporting to the K govt? |
I think reporting any income earned illegally to anybody would be a bad idea.
| Quote: |
| Because it's illegal? And you could potentially incur some blowback from the IRS if you don't? Pretty sure that's why everyone else does it. No one's telling you to do anything. This is just what is legally required. |
Another |
I'm pretty sure the US govt doesn't care if it's legal or not, as long as it's reported. Then if it's illegal, they'll arrest you for something else. But teaching privates isn't the same as selling drugs. |
|
| Back to top |
|
|
warmachinenkorea
Joined: 12 Oct 2008
|
| Posted: Thu Jun 24, 2010 8:30 pm Post subject: |
|
|
No it's not. When did I ever equate the two?
Would you report earnings from a back-room poker game on your W-2? |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
