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Do you have to pay Income Tax on your Severance Pay

 
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jordy



Joined: 20 Jan 2003

PostPosted: Tue Apr 01, 2003 6:17 am    Post subject: Do you have to pay Income Tax on your Severance Pay Reply with quote

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. Very Happy
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Rand Al Thor



Joined: 28 Jan 2003
Location: Locked in an epic struggle

PostPosted: Tue Apr 01, 2003 1:28 pm    Post subject: Reply with quote

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

PostPosted: Tue Apr 01, 2003 2:51 pm    Post subject: Um Reply with quote

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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