Korean Job Discussion Forums

[captain kirk]

I don't know where they come up with this stuff, it's like from up above. The tax man, so it is said, did the calculation. By the way this is public elementary school.

On the severance month pay of 2.4 there is tax of 89,000 won and that works out to a rate of 3.4 %. I feel like, unbeknownst to me, I'm buying a whole bunch of pirates, or one pirate, lunch.

Meanwhile the entire year's income tax had to be deducted at the end of the year because nobody deducted each month (bogus) and that was done at a rate of 1.5 % which I understand is what a foreigner should be taxed at.

I'm not a petty, miserly person by any means and have a cavalier attitude towards money but anyone else in public school have any relevant experiences re; tax rate on the severance?

[afsjesse]

The tax rate should be the same, 1.5%. Start throwing stones to get this in their heads. Why wasn't tax deducted??? That blows.

Suerte,
Jesse

[Jeff's Cigarettes]

What sort of "lunch" r all these "pirates" gonna have on 40,000 or so? Man ur a cheap bastard...Why don't u ask WHY? I to would like to know the explanation.

[captain kirk]

Godamn right I ask why, and I'm not a cheap bastard. Why should this money be deducted to go god knows where to god knows whom and yes, it's a pisser.

I ask who calculated this (89,000 tax on 2.4 mil severance) and the Kcoteacher said 'the tax man'. I ask who the hooey is the 'taxman' and she says some guy who does the calculations. Oooo, a circular rotation, mesmerizing.

The accountant in this elem school is female. Who this tax man is I have no idea. Like Batman, Superman, the Green Avenger, some kind of illicit vacuum cleaner slush fund?

I keep saying the tax rate is 1.5% and when they supposedly 'did the taxes' on the entire year of pay that's what it came out to. But the tax on the severance isn't coming out to that; it's 3.4%.

That's like 50,000 won going missing. Where? To who? WTF anyway.

[Ramen]

Tell them to produce a statement.

[Jeff's Cigarettes]

Ask for this "taxman(s)" contact details. Then you can ask him ...WHY? I mean he must be a real person w/ an office and a phone, no? Also, have a look in the foreign teachers handbook and see what it says about tax on severance pay. I reckon that's where they are getting their info on tax. Myself, I paid zero tax on my severance for two yrs now.

[valkerie]

You are supposed to pay tax on your severance. (I found that info online last year)...BUT

1. It should be at regular rate

2. ONLY if you pay tax. Most at public schools don't, at least for 1st 2 years.

[captain kirk]

It all kind of obviously friggin' depends on who's doing the taxes and that's kind of interesting in itself, isn't it? I just went down and, as someone suggested, started throwing 1.5% around and saying 3.4% is not right and do you know what the response was?

VAT, value added tax.

I said that's for stores and department stores and placed on goods not taken from someone's pay! Honestly totally doesn't make sense, VAT!

That's like, 'giraffe tax', WTF.

[Jeff's Cigarettes]

Val baby...OK, fine, but where does it say this? Do you have some official documented proof saying this is so? I'm sure the op going to his boos and saying so and so on Davesesl said...blah blah ain't gonna cut muster.

[captain kirk]

Worth a good laugh anyway these tax antics. I'll let you know what the final verdict is tomorrow when I get paid out and weasels ripped my flesh, haha.

[bobbybigfoot]

when I withdrew my pension last year, it got taxed. Thankfully I earned interest and the interest almost offset the tax. Such is life.

Life I've said many times before: you will get screwed out of some money here in K-land. You cannot reason with them. They either don't care, are too stupid to care, or are purposely stealing from you.

This has been going on since waygookins started coming here and it ain't gonna change anytime soon.

[M-Tea]

http://nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2

Let's see here. If you put 2.4 mil into the tax calculator you end up with 42,410 won. That's about 1.8%. Where did they get 3.7% from? (89000/2400000=3.7% btw) That's sort of an odd percentage to end up with. Let's consider they used the standard tax formula from the tax calculator I referred to. That would mean that you made roughly 3 mil to account for the 3.7%. Notice that the % jumps quickly as you make more money.

Most likely they are just incompetent or are ripping you off. If you have the time, grab your ~47,000 won. Otherwise, be thankful that they charged you 1.5% instead of 1.8% like they should have.

508,920-432,000=76,920 won
89,000-42410=46,590 won

You saved: 30,330 won