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mikekim
Joined: 11 Aug 2006
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 Posted: Tue Nov 04, 2008 1:41 pm Post subject: What is your tax deduction per month? |
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| Is there even income tax in Korea. I though it was 5% or something |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Nov 04, 2008 2:01 pm Post subject: Re: What is your tax deduction per month? |
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| mikekim wrote: |
| Is there even income tax in Korea. I though it was 5% or something |
It is a sliding scale based on income and deductions for dependents.
With a wife and baby, on a base salary of 2.5 mil I pay ~33k per month for tax (and got a small refund last year).
With no dependents my rate would have been 61,440.
It works out to ~2.45% with no dependents and 1.32% with dependents.
Only a thieving hakwon would charge 5% for tax. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Tue Nov 04, 2008 2:19 pm Post subject: |
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| My school takes out around 200k on 2.5 million. But, I'm paying income tax, pension (I'm Canadian) and health. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Nov 04, 2008 5:27 pm Post subject: |
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If you click on the link below, you will get a National Tax Service website where you can type in your monthly earnings (be careful...you have to type the figure in thousands, not millions) and find out the amount of tax you are supposed to pay.
It is on a sliding scale, so the higher your salary the higher the percentage of tax you pay. If you make 2.3 million or less, you shouldn't be paying any more than 1.8 per cent of your monthly salary.
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2 |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Nov 04, 2008 5:31 pm Post subject: |
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| jvalmer wrote: |
| My school takes out around 200k on 2.5 million. But, I'm paying income tax, pension (I'm Canadian) and health. |
To me tax is the money you pay to the government for living here....pension and health insurance are not what I would consider "tax." Doesn't your school separate all that stuff? If you can't see what you're paying for each thing, then that really leaves it open for them to screw you over.
Tax should be the percentage that the website I posted above tells you you should be paying.
Pension is around 4.5 per cent.
Medical insurance is around 2.3 per cent. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Tue Nov 04, 2008 5:42 pm Post subject: |
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0% deduction for tax.
Yet another reason why a public school is better than a Hagwon. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Nov 04, 2008 5:45 pm Post subject: |
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| Otherside wrote: |
0% deduction for tax.
Yet another reason why a public school is better than a Hagwon. |
Not for Canadians. I have to pay tax even though I am at a public school. We're the only ones though. |
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daddy daycare
Joined: 15 Apr 2008
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| Posted: Tue Nov 04, 2008 6:08 pm Post subject: |
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| Poor Canadians !!! |
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aarontendo
Joined: 08 Feb 2006
Location: Daegu-ish
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| Posted: Tue Nov 04, 2008 6:10 pm Post subject: Re: What is your tax deduction per month? |
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| ttompatz wrote: |
| mikekim wrote: |
| Is there even income tax in Korea. I though it was 5% or something |
It is a sliding scale based on income and deductions for dependents.
With a wife and baby, on a base salary of 2.5 mil I pay ~33k per month for tax (and got a small refund last year).
With no dependents my rate would have been 61,440.
It works out to ~2.45% with no dependents and 1.32% with dependents.
Only a thieving hakwon would charge 5% for tax. |
Yeah pretty much same for me here. No dependants and I'm paying 63,000 a month on a 2.5 salary. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Nov 04, 2008 7:39 pm Post subject: |
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| Big Mac wrote: |
| Medical insurance is around 2.3 per cent. |
For 2008 it is 2.54%. It will go up slightly next year (about .2%). |
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