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hochhasd
Joined: 05 Jul 2008
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 Posted: Wed Jul 21, 2010 6:51 pm Post subject: I thought there are no deductions for the severance pay |
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| I was informed by ny k teacher that I will not have pension or medical deducted from my severance pay,but they will take a korean tax. I never payed a Korean tax on my normal monthly salary as I tax exempt being I am from America. Is this correct? I thought there are no deductions at all. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Wed Jul 21, 2010 8:21 pm Post subject: Re: I thought there are no deductions for the severance pay |
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| hochhasd wrote: |
| I was informed by ny k teacher that I will not have pension or medical deducted from my severance pay,but they will take a korean tax. I never payed a Korean tax on my normal monthly salary as I tax exempt being I am from America. Is this correct? I thought there are no deductions at all. |
Income tax will be deducted from your severance even if you are tax exempt. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 21, 2010 8:24 pm Post subject: |
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| It's only about 50-70k, depending on how much you make. |
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venus envy
Joined: 25 Jul 2007
Location: chicago
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| Posted: Wed Jul 21, 2010 9:38 pm Post subject: |
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| I don't mean to hijack the thread, but is it true that pension is also taxed? |
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hochhasd
Joined: 05 Jul 2008
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| Posted: Thu Jul 22, 2010 2:11 am Post subject: |
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| venus envy wrote: |
| I don't mean to hijack the thread, but is it true that pension is also taxed? |
Yes! The rep from NPS told me they take a little tax out,but you get interest. |
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air76
Joined: 13 Nov 2007
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| Posted: Thu Jul 22, 2010 2:13 am Post subject: |
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| NYC_Gal wrote: |
| It's only about 50-70k, depending on how much you make. |
+1
We don't pay much in taxes here....the few times that we get nickel and dimed hardly add up to more than a couple hundred bucks a year. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Thu Jul 22, 2010 5:14 am Post subject: |
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| My 4 mil. severance is going to come out to be 3.86 mil. or so according to my handler (Public School, 2 years) |
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