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RufusW
Joined: 14 Jun 2008
Location: Busan
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 Posted: Thu Apr 23, 2009 8:13 pm Post subject: Pay Day! - No pension? |
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Hey Guys, my CT's just translated my payslip. Public School Busan.
Pay - 1,800,000
'Health Care Insurance' - 95,800
Pension - 0
'Tax / "insurance of employment" - 5,550
Residence Tax - 550
Take home pay - 1,698,100
I thought I'd be paying nearly 100K for pension and about 25K for Tax.
Seeing as this is around what I'd expected I'm willing to let it slide; especially as I'm British and can't do anything with my pension anyway.
Any ideas on this? |
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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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| Posted: Thu Apr 23, 2009 8:37 pm Post subject: |
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| You're paying WAY too much for your health. It should only be 2.54 percent of your pay. Your school has to pay half of it. Pension is 4.5. Talk to administration right away! |
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Otherside
Joined: 06 Sep 2007
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| Posted: Thu Apr 23, 2009 9:27 pm Post subject: |
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You didn't get the memo?
Pension for foreigners is no longer being paid in Cash, you'll be getting Kimchi in lieu.
Seriously though, you shouldn't be paying ANY tax (PS teachers are exempt for 2 years), pension should 4.5%, and health care 2.54%.
The 5K won tax that they charged you is most likely a one off unemployement tax etc (which I believe if you push hard enough you don't have to pay, as you'd never be able to claim it - however, I'm not gonna go through all that hassle to save 5-6K won/year)
The resident tax is always 10% of the tax you pay. So that adds up.
Get it sorted though. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Thu Apr 23, 2009 11:07 pm Post subject: |
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| Otherside wrote: |
Seriously though, you shouldn't be paying ANY tax (PS teachers are exempt for 2 years)............
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Unless you're a Canadian. Canadians aren't covered by any agreement with Korea and must pay Korean taxes.
And for everyone else, it's your first two years of employment in Korea - not necessarily your first two years at a public school.
and there are 2 taxes that should be paid: income tax and inhabitants (resident) tax- it's an additional tax that you pay that's 10% of the amount you pay for income tax.
you should not be contributing to the employment insurance - youre not eligible and therefore also arent required to pay
you can calculate what your school should be withholding for income tax here:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
the inhabitants tax would be an additional 10% of the amount you calculated.
I took the liberty of calculating it for you:
Salary: 1 800 000
Monthly Income Tax : ￦ 16,970
Inhabitant Tax: ￦ 1697 |
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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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| Posted: Fri Apr 24, 2009 9:58 am Post subject: |
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Last edited by bobbybigfoot on Sat May 09, 2009 8:36 pm; edited 1 time in total |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Fri Apr 24, 2009 1:31 pm Post subject: |
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| OculisOrbis wrote: |
| Otherside wrote: |
Seriously though, you shouldn't be paying ANY tax (PS teachers are exempt for 2 years)............
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Unless you're a Canadian. Canadians aren't covered by any agreement with Korea and must pay Korean taxes.
And for everyone else, it's your first two years of employment in Korea - not necessarily your first two years at a public school.
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The information in bold is NOT correct.
Teachers from some countries are exempt for two years when working in government owned public schools and universities.
This exemption does not apply if you work for a private school, private hogwan or other private employer. |
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valkerie
Joined: 02 Mar 2007
Location: Busan
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| Posted: Fri Apr 24, 2009 4:27 pm Post subject: |
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To add to the previous post (and further muddy the water)...I was in a hogwon the first year, paid hardly any tax (menaing they weren't trying the 3.3% rip off), still got most back come tax time.
Public school now = 0 tax.
(British) |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Fri Apr 24, 2009 9:27 pm Post subject: |
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sorry about the misinfo on that last one.
Many schools will also require you to submit a form from your home country
for tax exemption before they will waive tax. Public schools, if they require it, will want it prior to your first paycheck.
all the tax info you could ask for:
http://www.efl-law.com/tax.php |
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Otherside
Joined: 06 Sep 2007
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| Posted: Sat Apr 25, 2009 10:27 am Post subject: |
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| OculisOrbis wrote: |
| Otherside wrote: |
Seriously though, you shouldn't be paying ANY tax (PS teachers are exempt for 2 years)............
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Unless you're a Canadian. Canadians aren't covered by any agreement with Korea and must pay Korean taxes.
And for everyone else, it's your first two years of employment in Korea - not necessarily your first two years at a public school.
and there are 2 taxes that should be paid: income tax and inhabitants (resident) tax- it's an additional tax that you pay that's 10% of the amount you pay for income tax.
you should not be contributing to the employment insurance - youre not eligible and therefore also arent required to pay
you can calculate what your school should be withholding for income tax here:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
the inhabitants tax would be an additional 10% of the amount you calculated.
I took the liberty of calculating it for you:
Salary: 1 800 000
Monthly Income Tax : ￦ 16,970
Inhabitant Tax: ￦ 1697 |
Thanks for correcting me. My post was in relation to the OP, he said he was British, so i took his word for it, and omitted the fact Canadians have to pay tax. Second part, well I was right. |
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RufusW
Joined: 14 Jun 2008
Location: Busan
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| Posted: Thu May 07, 2009 8:11 pm Post subject: |
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Okay, I'll just finish this one off.
The health care was for 2 months because I didn't pay it for the first month. I should now be paying 45,720 (2.54%).
I'm not going to bother trying to get back the Tax or Residence Tax. I really don't think it's worth it.
| bobbybigfoot wrote: |
wow, I can't believe people work for 1.8 mil a month. That's brutal.
Are you guys insane?
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I'm in beautiful Busan, I teach 10 hours a week. |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Thu May 07, 2009 9:21 pm Post subject: |
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You're not getting pension? You're screwed.
I agree with the tax, too much trouble. |
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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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| Posted: Thu May 07, 2009 9:54 pm Post subject: |
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| RufusW wrote: |
| bobbybigfoot wrote: |
wow, I can't believe people work for 1.8 mil a month. That's brutal.
Are you guys insane?
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I'm in beautiful Busan, I teach 10 hours a week. |
Fair enough. Nice one... |
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esetters21
Joined: 30 Apr 2006
Location: Seoul
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| Posted: Thu May 07, 2009 10:55 pm Post subject: |
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| RufusW wrote: |
Okay, I'll just finish this one off.
The health care was for 2 months because I didn't pay it for the first month. I should now be paying 45,720 (2.54%).
I'm not going to bother trying to get back the Tax or Residence Tax. I really don't think it's worth it.
| bobbybigfoot wrote: |
wow, I can't believe people work for 1.8 mil a month. That's brutal.
Are you guys insane?
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I'm in beautiful Busan, I teach 10 hours a week. |
10 hours a week sounds nice. What are your office hours? |
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RufusW
Joined: 14 Jun 2008
Location: Busan
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| Posted: Thu May 07, 2009 11:13 pm Post subject: |
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Well I'm here all day, so 8.40 until 4.40 which is a bummer but I just surf the internet and listen to UK radio. If I was teaching a tough 21+ hours I'd probably reconsider 1.8mil.
| Quote: |
| You're not getting pension? You're screwed. |
Sorry, forgot to mention, pension is deducted separately, apparently by me paying it at the bank. But it's at the proper rate, 81k. I'm British so I can't claim it back anyway. |
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