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jodavid
Joined: 29 Jul 2010
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 Posted: Sun Aug 22, 2010 9:43 am Post subject: 5% tax? |
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Hi guys
Does anybody know if 5% income tax is too much or just right? im going to be teaching adults.
Thanks  |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sun Aug 22, 2010 3:05 pm Post subject: |
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| That porridge is way too hot. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Aug 22, 2010 4:47 pm Post subject: Re: 5% tax? |
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| jodavid wrote: |
Hi guys
Does anybody know if 5% income tax is too much or just right? im going to be teaching adults.
Thanks |
It is just about 3 times more than it should be for your average hagwan teacher.
IF they are charging you 5% for tax you can rest assured that you will be cheated out of your NHIC medical and NPS pension as well.
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thegadfly
Joined: 01 Feb 2003
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| Posted: Sun Aug 22, 2010 8:28 pm Post subject: |
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As ttompatz has informed me in the past (thanks, Ttom!), if a school quotes a set rate for tax in the contract, it usually means something hokie is going on -- Korean tax rates vary by the amount you earn, and while you may be taxed at 5% (or more) if you have a higher-than-average salary, the exact rate being specified in the contract makes it suspect -- check the salary yourself to see
http://www.nts.go.kr/eng/resources/resour_21.asp?minfoKey=MINF7420080211223143
Click on #26, the simplified tax table (my direct link to that one was not working, so I am trying it this way).
That should go to an excel document, where you can find your basic monthly payment, based on your salary. |
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