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bish
Joined: 09 Jun 2007
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 Posted: Wed Sep 26, 2007 5:26 pm Post subject: 1st paypacket on 2.1million won? |
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| School haven't paid yet and say I'm getting 1.55 million won. I'm on 2.1 million a month and accept 300,000 comes out as the shitty security deposit but this seems short. How much should the paypacket be after the 300,000 deduction... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 26, 2007 5:36 pm Post subject: Re: 1st paypacket on 2.1million won? |
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| bish wrote: |
| School haven't paid yet and say I'm getting 1.55 million won. I'm on 2.1 million a month and accept 300,000 comes out as the *beep* security deposit but this seems short. How much should the paypacket be after the 300,000 deduction... |
Sounds like you are going to get overtaxed (3.3%) rather than the tax table (assuming you are paying into NHIC and pension).
Tax = 36,090 (over tax @ 3.3%=69,300 =overpayment of 33,210
Pension = 94500
Medical = 50085
deposit = 300,000
Total = 480,675 (3.3% rate total would be 513,885)
2100000 - 1550000 = 550,000 in deductions.
You should be getting w1,619,325. What else are they screwing you on?
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gk
Joined: 27 May 2007
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| Posted: Wed Sep 26, 2007 5:42 pm Post subject: |
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| If you work for an elementary school or the likes they may have you on their school lunch program, which runs 50,000 per mensem for me. |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Sep 26, 2007 5:44 pm Post subject: |
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| Is a housing allowance taxable income? |
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bish
Joined: 09 Jun 2007
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| Posted: Wed Sep 26, 2007 5:46 pm Post subject: |
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| yeah could be the school dinners. pension and deposit are repaid at the end of the contract aren't they? |
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garykasparov
Joined: 27 May 2007
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| Posted: Wed Sep 26, 2007 6:24 pm Post subject: |
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OP,
I have a couple of questions for you.
1) How long have you been at your school?
2) Is there a deposit clause in your contract?
3) Is there a clause in your contract regarding meal expenses?
4) When is your pay date?
5) Do you have a health insurance card?
6) Does your employer provide you with "pay receipts" that clearly state the nature and amount of all deductions from your monthly salary?
7) Is your employer paying deductions for taxes, pension and health insurance to the appropriate agency? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 26, 2007 6:48 pm Post subject: |
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| xCustomx wrote: |
| Is a housing allowance taxable income? |
HOUSING is NOT taxable but a housing allowance (cash benefit) is taxable.
| bish wrote: |
| yeah could be the school dinners. pension and deposit are repaid at the end of the contract aren't they? |
The deposit should be repaid at the end of the contract (unless you work for "W", EWHA hakwon or Wonderland (who all have a habit of NOT repaying them).
You should get DOUBLE your pension payments refunded assuming you are from North America. Double because you get your contribution as well as your employers MATCHING contribution.
Be careful if you work at a hakwon. Many of them have a bad habit of under reporting your income to the pension plan and medical service to avoid paying their share of the contributions. GET MONTHLY PAY SLIPS. |
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bish
Joined: 09 Jun 2007
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| Posted: Wed Sep 26, 2007 7:19 pm Post subject: |
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Am English and worked at a middle school for one month so I think the employer matches my pension payments yeah...
It sounds about right what they've paid me... |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Wed Sep 26, 2007 9:00 pm Post subject: |
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I just started my second year at PS so me school is taking out the 3 x 300,000 again and giving me back my last years deposit (900,000) next month. I don't know why they didn't just hold the deposit from last year over for another year, though.  |
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boyne11
Joined: 08 Jul 2007
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| Posted: Wed Sep 26, 2007 9:20 pm Post subject: |
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| ttompatz wrote: |
| xCustomx wrote: |
| Is a housing allowance taxable income? |
HOUSING is NOT taxable but a housing allowance (cash benefit) is taxable.
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My public school taxes my housing allowance.
What they would do is following according to my month pay statement:
Salary: 2.6 million
Housing: 0.3 millioon
Total Income: 2.9 million
From this 2.9 million they would:
1. calculate and deduct pension (2.9 million X 4.5% = 130,500)
2. calculate and deduct medical (2.9 million X 2.385% = 69,165)
3. No income tax (Resident certificate for U.S. citizen)
Based on what you said, my school's accounting is wrong. However, I'm not complaining because both my school and I are contributing more into my pension fund.
Since my "Total monthly Income" is 2.9 million which includes my housing, should they (I) count my housing allowance as a regular part of my salary and pay 2.9 million severance? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 26, 2007 11:09 pm Post subject: |
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| boyne11 wrote: |
| ttompatz wrote: |
| xCustomx wrote: |
| Is a housing allowance taxable income? |
HOUSING is NOT taxable but a housing allowance (cash benefit) is taxable.
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My public school taxes my housing allowance.
What they would do is following according to my month pay statement:
Salary: 2.6 million
Housing: 0.3 millioon
Total Income: 2.9 million
From this 2.9 million they would:
1. calculate and deduct pension (2.9 million X 4.5% = 130,500)
2. calculate and deduct medical (2.9 million X 2.385% = 69,165)
3. No income tax (Resident certificate for U.S. citizen)
Based on what you said, my school's accounting is wrong. However, I'm not complaining because both my school and I are contributing more into my pension fund.
Since my "Total monthly Income" is 2.9 million which includes my housing, should they (I) count my housing allowance as a regular part of my salary and pay 2.9 million severance? |
You must have misread me.....
RENT FREE housing is NOT TAXABLE.
A HOUSING ALLOWANCE is a cash benefit and IS TAXABLE.
It is NOT considered part of your salary (even though it is a benefit) and would not be included in your salary for the calculation of severance benefits. (unless you can find an exception in the pension or labor standards act that I am not aware of). |
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skconqueror
Joined: 31 Jul 2005
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| Posted: Thu Sep 27, 2007 3:13 am Post subject: |
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| ttompatz wrote: |
The deposit should be repaid at the end of the contract (unless you work for "W", EWHA hakwon or Wonderland (who all have a habit of NOT repaying them).
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This could borderline on slander couldn't it?  Lets hope they don't decide to make good on it  |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Thu Sep 27, 2007 11:35 am Post subject: |
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Something else which might happen in the first pay is to need to pay 2 months worth of health insurance if you started work before the end of last month ... I know that this happened to me in my first payment ... It was because even if you only work a couple of days in the month you still have to pay for the full month ...
The good thing is that the school will (or at least should) give you a statement which itemises what has been taken out ... and then you will know for sure if they have made any mistakes in what they have done ...
Another question for you re the tax ... Are you entitled to be tax free on your Korean income for 2 years? I will assume from the amount of your security deposit that you work for a GEPIK school ... and if you are from one of the countries which it applies to teachers in public schools can be exempt from Korean tax for the first 2 years ... |
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