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Taxes hurt my brain

 
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Paladin Brewer



Joined: 25 Dec 2009

PostPosted: Thu Apr 01, 2010 7:15 am    Post subject: Taxes hurt my brain Reply with quote

Greets,

I'll be accepting my first teaching job and my first job in Korea, so I am trying to understand all the things I need to do before I go. I am confused on income taxes. I know there is a lot of info here, but I just had a simple question. To I basically choose to pay income taxes in the US OR in Korea (in which case Korea is the better choice), or can I void paying any taxes for the first 2 years? And if so, who do I have to call in the US to get the correct paperwork for this?
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the ireland



Joined: 11 May 2008
Location: korea

PostPosted: Thu Apr 01, 2010 7:28 am    Post subject: Re: Taxes hurt my brain Reply with quote

Paladin Brewer wrote:
Greets,

I'll be accepting my first teaching job and my first job in Korea, so I am trying to understand all the things I need to do before I go. I am confused on income taxes. I know there is a lot of info here, but I just had a simple question. To I basically choose to pay income taxes in the US OR in Korea (in which case Korea is the better choice), or can I void paying any taxes for the first 2 years? And if so, who do I have to call in the US to get the correct paperwork for this?


You pay taxes here. I think public schools are tax free for the first two years.

americans living abroad do not have to pay tax at home on anything less than $70,000 a year but must still fill out their tax forms every year.

I am not American but this is info I have picked up through this site. I'm sure someone will give you a more detailed answer but this will keep you going for now.
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Paladin Brewer



Joined: 25 Dec 2009

PostPosted: Thu Apr 01, 2010 8:45 pm    Post subject: Reply with quote

Well it is a public school, luckily Smile so who do I contact to take care of the paperwork?
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hapigokelli



Joined: 04 Aug 2009

PostPosted: Thu Apr 01, 2010 10:36 pm    Post subject: Reply with quote

Your school accountant should give you a pay stub after every pay period. Keep them and add them up. Or just ask for the info at the end of the year.
File your taxes with a foreign earned income form. (2555)


You can also bring a document from America to prove your residency. I think it's just a copy of your filed taxes from last year. That's what allows you to be exempt from paying Korean taxes.
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aweitzm1



Joined: 23 Mar 2010
Location: Florida

PostPosted: Fri Apr 02, 2010 2:32 pm    Post subject: Reply with quote

How do you know how much you should be taxed each month. I read that some Hagwon's take out a different percentage of taxes (depending where you teach). I read the sticky in FAQ about taxes and I am still confused.

Any feedback would be great.
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tokkibunni8



Joined: 13 Nov 2009

PostPosted: Sat Apr 03, 2010 8:08 am    Post subject: Reply with quote

You will be exempt from paying taxes in Korea for the firs two years, but you have to provide a residency certificate from the states. So, get one before you come here.
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Paladin Brewer



Joined: 25 Dec 2009

PostPosted: Sun Apr 04, 2010 11:46 pm    Post subject: Reply with quote

That's what I was asking, where does one obtain a residency certificate?
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matthews_world



Joined: 15 Feb 2003

PostPosted: Mon Apr 05, 2010 5:04 am    Post subject: Reply with quote

You still need to file in the U.S. along with Form 2555. Use the 1040 to do this.

From what I recall, there's a residency requirement of 6 months before including overseas wages.

Does that seem right?

It'd be cool if someone could post a link to a template that would show which lines to fill out on the Form 2555.
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Ltisme



Joined: 21 Sep 2009

PostPosted: Tue Apr 06, 2010 10:22 pm    Post subject: extension Reply with quote

I know we have until June 15 to file, since we are not in the states. Does that deadline also apply to filing for an extension, or does that need to be filed by April 15?
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mmstyle



Joined: 17 Apr 2006
Location: wherever

PostPosted: Tue Apr 06, 2010 11:28 pm    Post subject: Reply with quote

2 month extension is automatic. 6 month one needs to be filed.
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Ltisme



Joined: 21 Sep 2009

PostPosted: Wed Apr 07, 2010 2:05 am    Post subject: Reply with quote

I realize that. Does it need to be filed by April 15th, or do we have until June 15 to file for the 6 month extension?
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mmstyle



Joined: 17 Apr 2006
Location: wherever

PostPosted: Wed Apr 07, 2010 4:24 pm    Post subject: Reply with quote

Oh, I'm not sure. Good question.
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arrangingpieces



Joined: 08 Aug 2009

PostPosted: Sun Apr 25, 2010 5:26 pm    Post subject: Reply with quote

hey everyone~

i wasn't able to get a residency certificate in time for my first paycheck so i'm not exempt for taxes for the year because of that...

but, can if i have the certificate at the end of the year can i get it refunded?
can't seem to find that answer on the other tax thread...

thanks!
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