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Boodleheimer
Joined: 10 Mar 2006
Location: working undercover for the Man
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 Posted: Sun Sep 02, 2007 2:45 am Post subject: Does the tax rate go up if you've been here 2+ years? |
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Does the tax rate go up if you've been here 2 or more years?
k |
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Corky
Joined: 06 Jan 2004
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| Posted: Sun Sep 02, 2007 5:42 am Post subject: |
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| Any chance you've moved into a new tax bracket from increased annual income? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sun Sep 02, 2007 1:20 pm Post subject: |
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Maybe you haven't been paying any tax for the last 2 years.
I have heard that you could leave the country and come back on a new visa and start again with the two year tax free status but I don't know if that is true or not. |
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nobbyken
Joined: 07 Jun 2006
Location: Yongin ^^
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| Posted: Sun Sep 02, 2007 3:57 pm Post subject: |
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| If you work for a public school, from one of the countries exempt from paying tax for the first 2 years; after 2 years you have to start paying income tax. |
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Boodleheimer
Joined: 10 Mar 2006
Location: working undercover for the Man
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| Posted: Sun Sep 02, 2007 4:01 pm Post subject: |
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| but the tax rate is still about 3-5% after 2 years (even if you're American)? isn't that a bit low? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sun Sep 02, 2007 6:48 pm Post subject: |
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| If you want to pay more you can pay my tax as well. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Sep 02, 2007 7:17 pm Post subject: |
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| KWhitehead wrote: |
| but the tax rate is still about 3-5% after 2 years (even if you're American)? isn't that a bit low? |
The tax rate is based on a sliding scale subject to your salary level and deductions.
There have been MARGINAL increases in the tax rate over the late 5 years but unless you are pulling in some pretty big bucks or have no dependants it should be UNDER 2.5%.
On a Salary of:
2.2 mil and no dependants you should be paying about 45k won (2%).
2.4 mil and no dependants you should be paying about 64k won. (2.9%)
3.0 mil and no dependants you should be paying about 149k won. (6.77%)
But if you add a wife and 1 child the rates fall to:
2.2 = 21,400 (.973%)
2.4 = 29,900 (1.36%)
3.0 = 87,170 (2.9%)
(rates as per the tax withholding page.)
US citizens (in fact all E2 visa holders EXCEPT Canadians) are exempt from paying taxes for the 1st 2 years PROVIDED they work at a public school or publicly funded university. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sun Sep 02, 2007 7:34 pm Post subject: |
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| Actually, I think income taxes went up recently. If you check on NTS's website, it looks like they've increased. |
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