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jordy
Joined: 20 Jan 2003
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 Posted: Tue Apr 01, 2003 6:17 am Post subject: Do you have to pay Income Tax on your Severance Pay |
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I need someone to tell me whether a person is required to pay income tax on his/her severance pay. I would also like a source of the information (i.e. Korean tax or employment site). Thanks in advance.  |
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Rand Al Thor
Joined: 28 Jan 2003
Location: Locked in an epic struggle
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| Posted: Tue Apr 01, 2003 1:28 pm Post subject: |
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yes you do...sorry I don't know the source... but I'm sure if you check the taxation bureau they will have teh appropriate info...
income is income, you pay taxes on it. |
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Anda
Joined: 16 Jan 2003
Location: South Korea
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| Posted: Tue Apr 01, 2003 2:51 pm Post subject: Um |
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Go to this site and check. You can also email them a question. Normally but severance comes under earnings and you get taxed on it. Tax rate should be balanced against your income over the year. Perhaps a little more than normal.
http://efl-law.com/faqanswers.htm |
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