Korean Job Discussion Forums

Evildmn · Joined: 03 Nov 2009

Hey guys, I'm curious if anyone here could help me out...

Basically I've added up my check and I've got around 20% of my income disappearing each month.

My boss hasn't provided me with a break down of where its going. But I requested one again today and he said he would get it to me...who knows if he will or not. I don't want to go into great detail but I was pretty forceful about it.

But so far I know 9% is going towards pension...which I know I'm getting boned on, that I should only be paying 4.5... we also worked that out since he was making me pay the full pension.

Wheres the other 11%? I know according to my contract I have to pay income tax and health insurance, but does that add up to 11%?

I also have it in my contract that half my health insurance is paid by me, the other half by him...so does it make sense that it would all add up to 11%?

OculisOrbis · Joined: 17 Jul 2006

not even close. youre getting scammed for about 11.5% of your salary every month.

pension = 4.5% (your share)
tax ~ 1.3% (check the korea tax website for the automatic withholding calculator
http://www.nts.go.kr/eng/index.asp) health insurance ~ 2.54% (your share)

Evildmn · Joined: 03 Nov 2009

Thanks a lot for the help...but I'm still a noob here...where would I go to find the calculator?

Thanks!

EDIT: Never mind I found it, but it says I can only take a 15% deduction or a 30% deduction.... where would it say that I have a much lower one?

My friends have told me that my income tax should be around 3.0% but I can't find anything that agrees with that.

ontheway · Posted: Tue Jan 19, 2010 7:23 am Post subject:

Your tax rate is not a flat rate of 3.3% or 3% plus the local tax. Korean income taxes are progressive, and you could happen to fall at 3.3%, but it's unlikely.

Look up your monthly income tax withholding amount here:

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