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unplugged_boy
Joined: 17 Jul 2006
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 Posted: Fri Jan 05, 2007 10:58 pm Post subject: Help: which tax rate should i choose? |
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i am in the process of renewing my contract for another year. last time i chose the 3.3% tax rate not giving the pension and tax refund at the end of the year another thought. but after a year... i've gotten a lil wiser and heard as a canadian, my school will match my contributions to my pension, i get it all back in the end and i can get some a refund on my taxes too. i am trying to cut through the BS, as i get the feeling my hakwon is not being entirely honest with me because they want to avoid paying for a pension. they say that i would end up paying about 13% in deductions overall (taxes, pension, medical insurance). i thought it was under 10%.
i am a F4 visa holder, a canadian with no dependants.
is there someone i can call about this matter?
which tax route should i choose? is it not worth going through the trouble of the higher tax?SOMEONE PLEASE HELP!!!! |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sat Jan 06, 2007 2:33 am Post subject: |
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Taxes are dependent on your salary but normally around 2%, give or take a bit.
Insurance is 2.24%.
Pension is 4.5% (give or take a bit).
Total is about 9.75%. Anything more than that is too much. If you have any questions, just search for the relevant agencies and call them.
KPRROK |
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unplugged_boy
Joined: 17 Jul 2006
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| Posted: Sat Jan 06, 2007 4:35 am Post subject: |
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| kprrok wrote: |
Taxes are dependent on your salary but normally around 2%, give or take a bit.
Insurance is 2.24%.
Pension is 4.5% (give or take a bit).
Total is about 9.75%. Anything more than that is too much. If you have any questions, just search for the relevant agencies and call them.
KPRROK |
hmmm.. that is interesting. i asked again and my director has said that overall it would be 13~14%. i thought it was under 10% too. i think my director wants to avoid paying me more by contributing to a pension. can anybody help me get the name of the info i need to support my position? also, does anybody know if i can get some of my money back from taxes? |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sat Jan 06, 2007 4:37 am Post subject: |
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| As much as directors wish it were, pension is mandatory, and he has been cheating on your taxes so far. |
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unplugged_boy
Joined: 17 Jul 2006
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| Posted: Sat Jan 06, 2007 5:19 am Post subject: |
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| Hater Depot wrote: |
| As much as directors wish it were, pension is mandatory, and he has been cheating on your taxes so far. |
waaaat??? ok.. this is a lil off topic to my OP. so the option of paying only 3.3% is illegal by korean law? this might explain why i get paid entirely in cash ... |
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alabamaman
Joined: 25 Apr 2006
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unplugged_boy
Joined: 17 Jul 2006
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| Posted: Sat Jan 06, 2007 6:03 am Post subject: |
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| alabamaman wrote: |
I think it might be a good idea to get a clause written in the contract stating the employer shall issue you a pay summary on payday.
The following is from a contract on www.efl-law.com:
Section 2.08
Employer shall provide to Employee a summary (pay receipt) each month on pay day clearly stating the nature and amount of all deductions, taxes and salary. Such pay receipt shall bear the name, address and phone number of the Employer and shall be established as an official record of pay received and deductions withheld.
Monthly Withholding Tax Check Service
http://nts.go.kr/front/service/refer_cal/gani/refer_gani_eng.asp
Income Tax Guide
http://nts.go.kr/eng/default.html |
thanks for the tip. i do get something in paper breaking down the my salary, tax and housing fee. |
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