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cmr
Joined: 22 Mar 2006
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 Posted: Wed Apr 11, 2007 7:48 am Post subject: How much is your income tax if you earn 2.4 million? |
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Anyone could tell me how much their income tax is if their salary is 2.4 million and they are in a public school in Gyeonggi province?
I paid 202,620 won on my first pay check of this new school year. That's less tax paid on a higher salary than I had the previous school year. So, I'm wondering if I got screwed last year or if they're making a mistake this year. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Apr 11, 2007 1:39 pm Post subject: |
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| 0 - tax free for two years |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Wed Apr 11, 2007 2:52 pm Post subject: |
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| mrsquirrel wrote: |
| 0 - tax free for two years |
This applies only if you're not Canadian and for first two years in Korea.
If you're Canadian, you pay 58,800 won for 2.4 million income. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Wed Apr 11, 2007 3:24 pm Post subject: |
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| Are you sure it's just tax and not other things like national health insurance and pension etc. etc. ? |
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Lydia
Joined: 03 Aug 2006
Location: Sanbon/Gunpo city
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| Posted: Wed Apr 11, 2007 3:46 pm Post subject: The same! |
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In 2005 I started at 2.3 m and they took out at least 151.000 for tax alone. If I added medical + lunch it was 240.000 a month.
I started not wanting the medical plan, but they made this MANDATORY
to all native teachers, you must have it--it started Jan. 1st 2007. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Apr 11, 2007 3:53 pm Post subject: Re: How much is your income tax if you earn 2.4 million? |
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| cmr wrote: |
Anyone could tell me how much their income tax is if their salary is 2.4 million and they are in a public school in Gyeonggi province?
I paid 202,620 won on my first pay check of this new school year. That's less tax paid on a higher salary than I had the previous school year. So, I'm wondering if I got screwed last year or if they're making a mistake this year. |
Sounds like 54k for medical, 108k for pension and 40k would be your lunch fee.
If you are in a public school, go to the admin office and ask for the printout of your pay slip. It will be itemized on there for you. |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Apr 11, 2007 4:32 pm Post subject: |
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| Would an American who has been in Korea for more than two years, but just recently started working at a public school be eligible for the tax exemption for the first two years working at the public school? (sorry if that sounds confusing) |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Apr 11, 2007 5:56 pm Post subject: |
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| xCustomx wrote: |
| Would an American who has been in Korea for more than two years, but just recently started working at a public school be eligible for the tax exemption for the first two years working at the public school? (sorry if that sounds confusing) |
Yes and no... and that is confusing.
IF it is the first 2 years on your CURRENT visa then you should be eligible.
It is subject to interpretation.
Technically, unless you renew / extend your visa with the same employer, each time you make a visa run you begin the clock again and can in theory be exempt each time you restart the clock. (talking about E1/E2 visas - it is very different for those on F-visas).
This is how it is (has been) interpreted by the tax department. The same is also true for your "settlement allowance".
New visa = new start.
Having said that however, AMERICANS MUST show/submit a form 8802 (application for US residency certification) from the IRS to get the tax exemption. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Apr 11, 2007 6:18 pm Post subject: |
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Is there a website to show me what % of my salary should be going towards my pension and health insurance.
Is there no tax allowances here? |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Wed Apr 11, 2007 8:37 pm Post subject: |
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| mrsquirrel wrote: |
Is there a website to show me what % of my salary should be going towards my pension and health insurance.
Is there no tax allowances here? |
Check FAQ. |
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cmr
Joined: 22 Mar 2006
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| Posted: Wed Apr 11, 2007 10:44 pm Post subject: |
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| I just wanted to specify that the 202,620 won I paid last month includes all the deductions except for lunch, which I don't pay... but don't eat either (it's so bad at my school!). |
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