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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Tue Jan 12, 2010 4:13 pm Post subject: |
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There goes that refund I was expecting!
My wife and I were talking about having a 2nd baby. Not gonna happen now. |
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bish
Joined: 09 Jun 2007
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| Posted: Tue Jan 12, 2010 4:30 pm Post subject: |
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| I don't think it's going to be worth working here when this kicks in... |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Tue Jan 12, 2010 4:37 pm Post subject: |
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| bish wrote: |
| I don't think it's going to be worth working here when this kicks in... |
Maybe salaries will go up, or employers will offer to pay the taxes? Now where are teachers supposed to go to make money? |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Tue Jan 12, 2010 4:41 pm Post subject: |
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| naturegirl321 wrote: |
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Starting in 2009, the flat rate will be 15%. With the addition of the 10% resident surtax, the tax rate will be 16.5%.
Deductions/Exclusions:
- Foreign employees are currently taxed on only 70% of their income. Note: This exclusion is not available to those who have opted for the flat tax (the 18.7% flat tax is assessed on 100% of the foreign employee�s gross income). As of 1 January 2010, this is expected to change and the 30% exclusion will no longer apply. As of that date, the tax rate will be reduced to 15% and will apply to all foreign employees. Together with the 10% Resident Surtax, the tax rate for foreign workers in Korea will be 16.5%.. |
But supposedly changes happened in 2009. Did they? I guess the changes will be evident at pay day. |
No, my taxes were all the same in 2009. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Tue Jan 12, 2010 4:42 pm Post subject: |
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| So if taxes didn't change in 2009, maybe they won't change in 2010 |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Tue Jan 12, 2010 4:42 pm Post subject: |
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| naturegirl321 wrote: |
| bish wrote: |
| I don't think it's going to be worth working here when this kicks in... |
Maybe salaries will go up, or employers will offer to pay the taxes? |
In all seriousness, I don't think it's worth panicking over yet. What do we have, one recruiting site saying this? When it's actually in effect, then I'll reevaluate. Until then, I'll just wait and see. |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Tue Jan 12, 2010 4:43 pm Post subject: |
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| naturegirl321 wrote: |
| So if taxes didn't change in 2009, maybe they won't change in 2010 |
Keep hope alive!  |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Tue Jan 12, 2010 6:37 pm Post subject: |
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| runthegauntlet wrote: |
| naturegirl321 wrote: |
| So if taxes didn't change in 2009, maybe they won't change in 2010 |
Keep hope alive! |
No, the tax office will up and call you one day and expect payment.
His school had tax trouble and they went after past employees. He'd been there for about 4+ years, and was told he owed 10 million won!
I'm going to approach my employer about this, because I'm not sure if they'll go for the 30/70 or the flat 15. The wrong choice could kill me. Likewise, I wonder if I should say anything at all. |
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bish
Joined: 09 Jun 2007
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| Posted: Tue Jan 12, 2010 7:11 pm Post subject: |
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| bassexpander wrote: |
| runthegauntlet wrote: |
| naturegirl321 wrote: |
| So if taxes didn't change in 2009, maybe they won't change in 2010 |
Keep hope alive! |
I'm going to approach my employer about this, because I'm not sure if they'll go for the 30/70 or the flat 15. The wrong choice could kill me. Likewise, I wonder if I should say anything at all. |
Sorry, don't really understand this part. Have they not finished with the 30/70?
Also, what is the reason for most of us only paying around 3.3% now? Should we have been paying the 30/70 on our earnings up until this point? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Tue Jan 12, 2010 8:02 pm Post subject: |
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| I believe the higher taxes mostly apply to residents (F-visa types). |
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Daniel_D
Joined: 29 Dec 2008
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| Posted: Tue Jan 12, 2010 9:06 pm Post subject: |
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| Hrms.. anyone got a good site to refer to no this matter? |
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bish
Joined: 09 Jun 2007
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| Posted: Tue Jan 12, 2010 10:29 pm Post subject: |
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I'm quite confused about this. Am I correct in thinking that up until now E2 visa holders who were liable to pay tax in Korea (having been here over 2 years) paid around 3.3% of their pay as tax?
Or, were they always taxable, at a higher rate, on 70% of their income? |
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Horangi Munshin
Joined: 06 Apr 2003
Location: Busan
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| Posted: Wed Jan 13, 2010 5:15 am Post subject: |
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I'll wait and see about this.
I have seen those high numbers in years past and wondered why I always paid around 3%
At the start of this year the school office woman in charge of deductions and stuff didn't take any income tax out of my salary. I queried it and she said my income tax liability with all my receipts and with dependents the previous year was zero. Provided I still used my credit card (which I have) it should have been zero for 2009.
My sister in law was getting a similar basic salary to me as a restaurant manager, the tax she paid was similar too, around 3% or so. I don't think it's something to worry about just yet. |
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runthegauntlet
Joined: 02 Dec 2007
Location: the southlands.
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| Posted: Wed Jan 13, 2010 6:32 am Post subject: |
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http://www.nts.go.kr/eng/help/help_52.asp
The tax site. Calculate your taxes.
From Q&A on said site:
4.How taxable income is calculated for a wage and salary income earner?
The taxable income is the total amount of wage and salary income remaining after the deduction of the following amount (\80,000 per day for a daily worker).
Wages and Salary income Deductions
Less than \5,000,000
Total amount
\5,000,000 ~ \15,000,000
\5,000,000 + 50% of the amount over \5,000,000
\15,000,000 ~ \30,000,000
\10,000,000 + 15% of the amount over \15,000,000
\30,000,000 ~ \45,000,000
\12,250,000 + 10% of the amount over \30,000,000
Over \45,000,000
\13,750,000 + 5% of the amount over \45,000,000
Format is messed up a bit but see the link above for clarity. Hmm. Maybe. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Jan 13, 2010 8:17 am Post subject: |
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| bish wrote: |
I'm quite confused about this. Am I correct in thinking that up until now E2 visa holders who were liable to pay tax in Korea (having been here over 2 years) paid around 3.3% of their pay as tax?
Or, were they always taxable, at a higher rate, on 70% of their income? |
Up until now, you should have paid income taxes according to this site:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
Try it.
It's likely that your tax rate should not be 3.3%. Your withholding should be according to the NTS site.
According to the OP and the recruiter link, the changes are due in 2010, which means this year. But, there is no such news for now. Let's hope it's a false rumor. |
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