Korean Job Discussion Forums

[Troglodyte]

What taxes or other deductions should an employer be taking off my salary?

And how much should they be?


e.g.

Income tax.
That's a percentage, right? What percentage?

Pension.
This is a percentage too, right? How much?

Medical Insurance.
I know it's paid 50% by me and 50% by the employer, but how much should it cost per month?


Are there other deductions that they should be making?

And can someone point out where these percentages or amounts are stated (incase there's a difference of opinion with my boss)?


Thanks in advance.

[lost at sea]

Pension is 4.5% paid by you and 4.5% paid by your employer. This is a percentage of your salary.

Medical is something like 49,999 per month. I am not sure exactly but it's a hair under 50k. I believe it's the same for nearly everyone? Not sure if it's based on a percentage or not.

I guess other people can correct me if I am wrong.

[Big Mac]

The medical insurance is 2.54 per cent of your monthly salary. There is also another small health insurance charge that is 4.78 per cent of 2.54 per cent of your monthly salary. Your employer matches the amount you pay.

Tax percentages are not the same for everyone. It depends on your salary. For most of us it is usually around 2 per cent. You can go to this website to check the exact amount you should be paying for your salary:

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

[frankly speaking]

Tax is different for different areas. Usually less than 5%. I have had it as low as 3%. Usually count on about 200,000Won a month in deductions from your salary, more of course if you make more.

If your boss is good he/she will give you overtime under the table, but don't count on it.

[Konglishman]

If you are American and depending on who you work for, you can apply for a certificate of residency from the IRS which will exempt you from paying the income tax in Korea due to a tax treaty between the USA and South Korea.