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Do university teachers pay tax?
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Sun Jan 26, 2003 8:45 pm    Post subject: Do university teachers pay tax? Reply with quote

I read recently that university teachers do not have to pay tax. true or false?
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Boogie



Joined: 20 Jan 2003
Location: Pusan

PostPosted: Sun Jan 26, 2003 8:52 pm    Post subject: false Reply with quote

false... in fact we have more deductions in total... however we do get pension which makes up for it in the end.
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weatherman



Joined: 14 Jan 2003
Location: Korea

PostPosted: Sun Jan 26, 2003 8:54 pm    Post subject: Reply with quote

I pay taxes at my university. There is an income tax and a residence tax according to the form they give me. The amount is small and never have thought much about it. Though I will say this, I have never herd about the amount of taxes being paid, as standardized, which I think it would have to be, for there is a law, but this is Korea and different places understand the law differently.
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Canadian Teacher



Joined: 22 Jan 2003

PostPosted: Sun Jan 26, 2003 11:15 pm    Post subject: Taxes in Korean universities Reply with quote

If you are American, you have a two year tax exemption. All other nationalities pay. The amount depends on your marital/child status. I am married and have two kids so my tax is very small, only about 1.5% of my salary.

The local tax is almost nothing. Heatlh is W42,000. Pension is the big one, 4.5% of your pay (and the same from the employer) but you can get it returned to you when you leave Korea for good and they will check that you leave for good.

My total deductions are 7%. See why I am not in Canada?

Canadian Teacher
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Pilcrshr



Joined: 22 Jan 2003
Location: Seoul, Korea

PostPosted: Sun Jan 26, 2003 11:28 pm    Post subject: Re: Taxes in Korean universities Reply with quote

Canadian Teacher wrote:
If you are American, you have a two year tax exemption. Canadian Teacher


A little correction.

You are only tax exempt up to $80,000USD. Anything earned over $80,000 and must pay the taxes on the remainder of your earned income. For those of you who make anywhere near that kind of money, it does not include capital gains on dividends, so beware. Account for all income earned.

EDIT: I don't know if its different for educational positions, but for traditional corporate tax filings, up to the first $80k. After that, good old Sam will continue to take that hunking 38% from your paycheck.


Last edited by Pilcrshr on Tue Jan 28, 2003 12:03 am; edited 1 time in total
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skeeter



Joined: 25 Jan 2003

PostPosted: Sun Jan 26, 2003 11:44 pm    Post subject: Reply with quote

Americans are exempt from KOREAN INCOME TAX for the first two years.
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Pilcrshr



Joined: 22 Jan 2003
Location: Seoul, Korea

PostPosted: Sun Jan 26, 2003 11:45 pm    Post subject: Reply with quote

Woops! Embarassed
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Mon Jan 27, 2003 2:37 am    Post subject: let me get this straight Reply with quote

so, from what i understand, americans don't pay taxes the first 2 years if teaching at a university? i am married to a korean national, no kids, yet! Wink

i know about the u.s. earned income exclusion....filed that form many a times....
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Derrek



Joined: 15 Jan 2003

PostPosted: Mon Jan 27, 2003 2:43 am    Post subject: Taxes Reply with quote

So here's my question...

I'm American, and if I stay here in Korea and continue working for more than 2 years, at what point will I start to pay taxes back home? After 2 years? At what percent?

Thanks!
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Mon Jan 27, 2003 2:52 am    Post subject: um...... Reply with quote

you don't have to pay american income tax if you earn less than $70,000 while overseas...foreign income exclusion...you file a different form than you normally would. it's called the "blah blah blah-EZ" i forget the numbers preceding the EZ...you can look it up on line easily enough.

i think the "2 years" post was made with regards to korean income tax...but we're not clear on that yet!!
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Derrek



Joined: 15 Jan 2003

PostPosted: Mon Jan 27, 2003 3:02 am    Post subject: So.... Reply with quote

So Mack,

Is that a TOTAL of all money made over the years, or just per year?

Thanks.
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Mon Jan 27, 2003 3:08 am    Post subject: Reply with quote

per year Very Happy
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Mon Jan 27, 2003 4:27 am    Post subject: 2555EZ Reply with quote

2555EZ is the other form that has to be submitted.

Also, the exclusion is US$ 80k - the only reason I know these is because I helped someone file yesterday.

G.

FYI - The forms can be found/looked at/d-led from the IRS directly. The Embassy/consulate site has a link at their page, too. You will need Adobe Acrobat Reader to see/print them properly, but you can view it as html through Google.


Last edited by gajackson1 on Sun Feb 02, 2003 8:56 pm; edited 1 time in total
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rasta man
Guest




PostPosted: Mon Jan 27, 2003 4:48 am    Post subject: Reply with quote

yeah the exclusion from Korean taxes is only for 2 years Crying or Very sad but last time I looked the total taken out for me is about 40,000 won/month or about the same as my health insurance

BTW for the hogwon teachers out there, this exclusion from Korean taxes doesn't apply to you. The only "hogwon" teachers who can get out of this are those of you in a univ hogwon ie a FLEC on campus SLP's don't cut it since you do not work for Sogang Univ.

BTW can you file online yet using 2555? I've always had to fill out the paperwork and send it to the IRS in Philly
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Canadian Teacher



Joined: 22 Jan 2003

PostPosted: Mon Jan 27, 2003 2:53 pm    Post subject: Nitpicking Reply with quote

Pilcrshr, when I stated that Americans are exempt from paying tax at Korean universities, I was taking in for granted no waygook makes anywhere NEAR $70,000 a year in a Korean university. Heck, the president of mine does not make that much.

However, Korean profs and administrators do have, ahem, extra scources of income....

Canadian Teacher
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