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Tax Question

 
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movybuf



Joined: 01 Jan 2007
Location: Mokdong

PostPosted: Mon Nov 24, 2008 3:36 am    Post subject: Tax Question Reply with quote

I don't think this question has been asked about takes before. So, I hope somebody knows.

Let's say I have two part-time jobs at two different schools each paying 2.2M a month, what happens to the taxes? Each school pays 3.3%? Is it possible to be put into a different tax category if you make over a certain amount of money? Is it possible that I would have to pay more than 3.3%?

Please, you tax experts, help me out.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Mon Nov 24, 2008 3:44 am    Post subject: Re: Tax Question Reply with quote

movybuf wrote:
I don't think this question has been asked about takes before. So, I hope somebody knows.

Let's say I have two part-time jobs at two different schools each paying 2.2M a month, what happens to the taxes? Each school pays 3.3%? Is it possible to be put into a different tax category if you make over a certain amount of money? Is it possible that I would have to pay more than 3.3%?

Please, you tax experts, help me out.


It would depend on whether they have you listed as an employee or subcontractor. It would also depend on your deductions / tax credits and how long you have been here. It would also depend on whether they were public schools (some get a free tax ride for 2 years) or private schools.

Basic taxes due on a gross combined salary of 4.4 million would be about 342k won (~7.7%) if you have no deductions.

.
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movybuf



Joined: 01 Jan 2007
Location: Mokdong

PostPosted: Mon Nov 24, 2008 4:16 am    Post subject: Reply with quote

I guess this isn't as simple of a thing as I thought it would be. In my case, one school would be a private elementary school and the other a public elementary school. So then, if each school is taking out 3.3% would I have to pay the difference at the end of the year?
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polonius



Joined: 05 Jun 2004

PostPosted: Mon Nov 24, 2008 4:31 am    Post subject: Reply with quote

Each school should give you some paper work as far as your earnings for the past year. It will list how much you made each month, what the total earnings for the year were, and how much tax you paid out.

Then you will have to file your taxes with all the information. In my experience, you might want to have an accountant do this for you, as the years that I did it, I had to pay an extreme amount of extra tax to the government, and the years that the accountant did it for me, I got a refund. (I am sure he fudged some numbers, but I am happy)
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movybuf



Joined: 01 Jan 2007
Location: Mokdong

PostPosted: Mon Nov 24, 2008 5:37 pm    Post subject: Reply with quote

How much does is cost to have an accountant do your taxes?

In my previous hagwon experience, I never had to file my own taxes. It was just done for me. I only received a refund once though. Is it different because of the jobs being part-time?

Ugghhh....maybe I should just have my wife call the tax office. The problem is, every time I have contacted the tax office in the past, nobody could answer my questions.
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