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LydiaSarah
Joined: 02 Jul 2008
Location: Bucheon, South Korea
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 Posted: Wed Jul 16, 2008 1:37 pm Post subject: Can you negotiate a GEPIK contract? |
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| I am concerned about the 900,000 won housing deposit in the GEPIK contract, but am not sure if I have any room to negotiate with public schools. Also, the contract says that income tax is 3%. Isn't that too much for a public school job? I would appreciate any help! |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Wed Jul 16, 2008 1:41 pm Post subject: |
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| The 900 is money in the bank & u'll get back as long as u don't destroy ur accommodation. Also, there's a web site for figuring ur tax rate but i don't know it offhand. Seems to me though that you'll get any overpaid taxes back in a refund when u do ur returns. |
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nomad-ish
Joined: 08 Oct 2007
Location: On the bottom of the food chain
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| Posted: Wed Jul 16, 2008 1:50 pm Post subject: |
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are you american? i believe US citizens are tax-exempt for the first 2 years in korean public schools.
the tax website -->
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
put in your monthly salary like this. 2,300,000 won = 2300 man won
the housing deposit in GEPIK is actually why i decided to apply for a different public school board. i think of the large "housing deposit" as more of an insurance against you doing a midnight run... probably just paranoia on my part |
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LydiaSarah
Joined: 02 Jul 2008
Location: Bucheon, South Korea
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| Posted: Wed Jul 16, 2008 4:37 pm Post subject: |
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| Come to think of it, the contract did say something about American's being exempt but I wasn't sure what to think of that. Good to know though! Looks like we will be leaving Korea with a nice sum of extra money! |
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nomad-ish
Joined: 08 Oct 2007
Location: On the bottom of the food chain
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| Posted: Wed Jul 16, 2008 4:39 pm Post subject: |
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just found this in my contract:
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| Employees with the exception of Canadians, shall be eligible for exemption from paying Korean income tax during the period of the first two years |
looks like everyone is tax exempt for 2yrs in PS except for canadians |
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AussieGav
Joined: 02 Sep 2007
Location: Uijeongbu
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| Posted: Wed Jul 16, 2008 7:36 pm Post subject: |
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| I wonder if that will apply to me. I am looking to get a PS job shortly but I have already been in Korea working for 2 years, although have not been paying tax. Any idea what this would mean? |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Jul 16, 2008 7:59 pm Post subject: |
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The two year exemption is only for first time teachers. If you have worked in a hagwon for two years then you're not eligible.
If you claim the exemption, don't you have to pay taxes back in the States? |
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AussieGav
Joined: 02 Sep 2007
Location: Uijeongbu
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| Posted: Wed Jul 16, 2008 8:07 pm Post subject: |
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| Cheers thought that might be the case. I'm from Oz so dont have to pay tax at home thankfully. |
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Kimchieluver
Joined: 02 Mar 2005
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| Posted: Wed Jul 16, 2008 9:50 pm Post subject: |
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| AussieGav wrote: |
| Cheers thought that might be the case. I'm from Oz so dont have to pay tax at home thankfully. |
Chances are you won't have to pay tax at the public school either. Very few bother researching how long you have actually worked in Korea. Even if they have it right in front of their faces. The tax person will just consider you a first year employee at the school. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 16, 2008 9:55 pm Post subject: |
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| Kimchieluver wrote: |
| AussieGav wrote: |
| Cheers thought that might be the case. I'm from Oz so dont have to pay tax at home thankfully. |
Chances are you won't have to pay tax at the public school either. Very few bother researching how long you have actually worked in Korea. Even if they have it right in front of their faces. The tax person will just consider you a first year employee at the school. |
Actually, under the current state of affairs, a new visa (make a visa run) means a new clock and a fresh 2 years for the exemption. Just don't do a transfer of your visa. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Thu Jul 17, 2008 2:00 am Post subject: |
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| My two years are up how do u do this if you're renewing/extending? |
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LydiaSarah
Joined: 02 Jul 2008
Location: Bucheon, South Korea
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| Posted: Thu Jul 17, 2008 3:19 am Post subject: |
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| Wait, so as a first year teacher in a PS, I get a tax exemption but I'll have to pay taxes in the States upon returning? That wouldn't really be worth it at all then! |
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Otherside
Joined: 06 Sep 2007
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| Posted: Thu Jul 17, 2008 3:24 am Post subject: |
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| LydiaSarah wrote: |
| Wait, so as a first year teacher in a PS, I get a tax exemption but I'll have to pay taxes in the States upon returning? That wouldn't really be worth it at all then! |
No, you wouldn't have to pay taxes when you return...it's worth it  |
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