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joesunsangnim
Joined: 08 Aug 2006
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 Posted: Mon Dec 22, 2008 10:27 pm Post subject: is severance taxed? |
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| is severance pay taxable? |
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teachergirltoo
Joined: 28 Oct 2006
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| Posted: Mon Dec 22, 2008 10:40 pm Post subject: |
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| Yes it is. At a higher rate than the monthly salary too. |
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moosehead
Joined: 05 May 2007
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| Posted: Tue Dec 23, 2008 7:23 am Post subject: |
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| yes it is but not everyone takes taxes out. |
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Seon-bee
Joined: 24 Jan 2003
Location: ROK
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| Posted: Tue Dec 23, 2008 7:50 am Post subject: |
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| It's income, so it's taxed. Makes sense to me. |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Tue Dec 23, 2008 7:30 pm Post subject: |
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| For me it is taxed twice, which really pisses me off. I get my total pay taxed, which then my severance is taken out. Then when I leave this job, and I take the severance pay, it is taxed again. Sucks. |
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Ut videam
Joined: 07 Dec 2007
Location: Pocheon-si, Gyeonggi-do
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| Posted: Tue Dec 23, 2008 8:36 pm Post subject: |
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| weatherman wrote: |
| For me it is taxed twice, which really pisses me off. I get my total pay taxed, which then my severance is taken out. Then when I leave this job, and I take the severance pay, it is taxed again. Sucks. |
Severance isn't taken out of your pay. You're confusing severance and pension.
And the lump-sum pension payout (the one that requires proof of departure from Korea) is not taxed as far as I know. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Dec 23, 2008 11:16 pm Post subject: |
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My last hogwan paid the severance separately from my last pay. It meant that I got taxed at a much lower rate.
As you probably know, the higher your salary, the higher the tax rate.
For example, if you make 2.3 million, you will pay 44,290 Won. If they give you your last pay with your severance pay (4.6 million) you will be taxed 373,000 Won.
If they pay you separately you will just pay 44,290 twice, which means you'll only pay 88,580.
So, it's a good idea to ask your school to separate it from your regular pay so you won't get dinged with tax. |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Wed Dec 24, 2008 5:01 am Post subject: |
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| Ut videam wrote: |
| weatherman wrote: |
| For me it is taxed twice, which really pisses me off. I get my total pay taxed, which then my severance is taken out. Then when I leave this job, and I take the severance pay, it is taxed again. Sucks. |
Severance isn't taken out of your pay. You're confusing severance and pension.
And the lump-sum pension payout (the one that requires proof of departure from Korea) is not taxed as far as I know. |
Private University. Different laws as far as I know. If they are deducting my pension from my pay, and then taxing me, I wouldn't know from my on-line pay slip. Maybe... |
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