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Taxes.... Who knows a Korean accountant/ tax consultant....

 
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last goodbye



Joined: 13 Aug 2006

PostPosted: Wed Mar 05, 2014 5:49 am    Post subject: Taxes.... Who knows a Korean accountant/ tax consultant.... Reply with quote

Turns out I have to pay an extra 500 000 in taxes.... So, I wanna talk to some tax expert (who speaks English) here in Seoul and find out what's goin on....

I was thinking that the money I am payed by my work for rent is tax exempt, but there it is on my return.... which (with my pay raise) might have put me in a higher tax bracket...
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nate1983



Joined: 30 Mar 2008

PostPosted: Wed Mar 05, 2014 8:44 am    Post subject: Re: Taxes.... Who knows a Korean accountant/ tax consultant. Reply with quote

last goodbye wrote:
Turns out I have to pay an extra 500 000 in taxes.... So, I wanna talk to some tax expert (who speaks English) here in Seoul and find out what's goin on....

I was thinking that the money I am payed by my work for rent is tax exempt, but there it is on my return.... which (with my pay raise) might have put me in a higher tax bracket...


I'm not sure you'll be able to get professional advice for free, and doubt your savings would be that much after paying any consultancy fees. Someone on here may know, or you could go through the Korean income tax code to check for yourself (there is an English version I think about 80 pages long that covers most topics).

Was the 500k reported in a different category, or just as regular earned income?
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Rockhard



Joined: 11 Dec 2013

PostPosted: Wed Mar 05, 2014 3:23 pm    Post subject: Reply with quote

For an employee earning more than 36,000,000 in a year and not having any deductions, I would say that sounds about right. Make sure to deduct any premiums paid on health and pension, as well as check card usage. But you will pay something.
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last goodbye



Joined: 13 Aug 2006

PostPosted: Thu Mar 06, 2014 8:08 pm    Post subject: Reply with quote

The $500 is under its own category of "Adjustment of Annual Tax Payments" then there are a a bunch of papers "explaining" it all in Korean...

It's the first time I have had to pay more. So, 36 is some kind of cut off? I just hit 36K with income.

I thought that living expenses weren't included in that (-I am pretty sure I was told this before by my boss).

Any idea if getting paid through separate deposits (for the bonus) means paying less taxes?

Basically, Id' like someone to explain it to me.... a 3rd party... I don't think it'd be too expensive- I saw a labour lawyer before and it was quite cheap...
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nate1983



Joined: 30 Mar 2008

PostPosted: Thu Mar 06, 2014 10:05 pm    Post subject: Reply with quote

last goodbye wrote:
The $500 is under its own category of "Adjustment of Annual Tax Payments" then there are a a bunch of papers "explaining" it all in Korean...

It's the first time I have had to pay more. So, 36 is some kind of cut off? I just hit 36K with income.

I thought that living expenses weren't included in that (-I am pretty sure I was told this before by my boss).

Any idea if getting paid through separate deposits (for the bonus) means paying less taxes?

Basically, Id' like someone to explain it to me.... a 3rd party... I don't think it'd be too expensive- I saw a labour lawyer before and it was quite cheap...


Someone here should know whether housing allowance counts. In fact, it's so common I'm surprised that no one has chimed in already.

You might be able to walk into an office and have them answer that for free. I guess professional fees in Korea are generally lower than the US (pretty exorbitant here), so especially if it satiates your curiosity go ahead Wink
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Malislamusrex



Joined: 01 Feb 2010

PostPosted: Fri Mar 07, 2014 2:00 am    Post subject: Reply with quote

I know Korean taxes, bottom line.... you didn't file them.
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last goodbye



Joined: 13 Aug 2006

PostPosted: Mon Mar 10, 2014 7:21 pm    Post subject: Reply with quote

turns out that I handed over my credit card statements and some other stuff, like bike insurance and will get back 270 000 next month.... something that all Koreans I know here do- because you get money back for certain things....
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