| View previous topic :: View next topic |
| Author |
Message |
Iago
Joined: 07 Aug 2006
Location: Dunedin, NZ
|
 Posted: Thu Sep 27, 2007 7:23 pm Post subject: Korean tax rate %? |
 |
|
What percentage should a teacher expect to pay as tax exactly?
My research on Dave's has come up with no fixed rate, but less than 3.3% and around 1.4 should be expected.
Why is the rate not fixed? and how should you know what rate you really have to pay? Does it vary from year to year, or between locations?
Oh and what percentages should go toward med insurance and pension?
Any light on this would be much appreciated
cheers |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Sep 27, 2007 9:15 pm Post subject: Re: Korean tax rate %? |
|
|
| Iago wrote: |
What percentage should a teacher expect to pay as tax exactly?
My research on Dave's has come up with no fixed rate, but less than 3.3% and around 1.4 should be expected.
Why is the rate not fixed? and how should you know what rate you really have to pay? Does it vary from year to year, or between locations?
Oh and what percentages should go toward med insurance and pension?
Any light on this would be much appreciated
cheers |
The income tax is progressive and on a sliding scale based on earnings and dependants. The information is available on the government tax website. ( http://www.nts.go.kr ) Click the link for the English page and then look for the link on the left hand side for the tax calculator. Input your salary in man won units (so for a salary of 2.2 million you input 2200).
Medical is 4.77% of your salary and you pay 1/2 of that (the employer pays the other 1/2).
Pension is 9% of your salary and you pay 1/2 with the employer paying the other 1/2.
All 3 are required by law and these 3 are the only legal deductions the employer is allowed to take from your salary without your expressed approval. |
|
| Back to top |
|
|
richardlang
Joined: 21 Jan 2007
Location: Gangnam
|
| Posted: Thu Sep 27, 2007 10:05 pm Post subject: |
|
|
Ttompatz, I got a raise a couple months ago and noticed that my paychecks did not indicate an increased pension amount.
The financial secretary said that it will increase when the next full year begins, and not now. My raise was 100,000 won. Heard anything about this technicality? |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Sep 27, 2007 10:08 pm Post subject: |
|
|
| richardlang wrote: |
Ttompatz, I got a raise a couple months ago and noticed that my paychecks did not indicate an increased pension amount.
The financial secretary said that it will increase when the next full year begins, and not now. My raise was 100,000 won. Heard anything about this technicality? |
Nope and I cannot find anything relevant to it being delayed. Try calling the pension office and see if they know. Call 1355. |
|
| Back to top |
|
|
richardlang
Joined: 21 Jan 2007
Location: Gangnam
|
| Posted: Mon Oct 01, 2007 7:38 pm Post subject: |
|
|
| I just called the National Pension office and they said that indeed my pension contribution will increase not now but on the anniversary of my membership. It's good to know my school is playing by the rules. |
|
| Back to top |
|
|
crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
|
| Posted: Mon Oct 01, 2007 7:53 pm Post subject: |
|
|
| This should be a sticky post |
|
| Back to top |
|
|
Freakstar
Joined: 29 Jun 2007
|
| Posted: Tue Oct 02, 2007 6:28 pm Post subject: |
|
|
| crusher_of_heads wrote: |
| This should be a sticky post |
Second this. |
|
| Back to top |
|
|
elliemk
Joined: 01 Jul 2007
Location: Sparkling Korea!
|
| Posted: Sat Oct 06, 2007 5:33 am Post subject: |
|
|
| I tried the link, but couldn't find the English page link. Any help here? Thanks. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
