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mellow-d
Joined: 07 Oct 2009
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 Posted: Sun Jan 02, 2011 11:03 pm Post subject: Curious about taxes |
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So I'm pretty clueless about filing for taxes. (My Dad does mine at home!)
What is the procedure like? When do we file? Does my work file for me?
I work for Gangnam public schools so I was wondering if anyone knows how much you might have to pay back (on average). Other than that, I'm single and I don't have any dependents so those things we can cancel out.
Thanks!!! |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jan 03, 2011 6:00 pm Post subject: Re: Curious about taxes |
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| mellow-d wrote: |
So I'm pretty clueless about filing for taxes. (My Dad does mine at home!)
What is the procedure like? When do we file? Does my work file for me?
I work for Gangnam public schools so I was wondering if anyone knows how much you might have to pay back (on average). Other than that, I'm single and I don't have any dependents so those things we can cancel out.
Thanks!!! |
It depends on your income...but on average you should pay between 10-12% or thereabouts of salary. That includes taxes, pension, health insurance and deductions like lunch. And yes your work should be doing these deductions automatically. If you really want to know all of the deductions then ask for a monthly payslip...they should be providing you with one (at least in theory).
Keep in mind though the above is just a generalization as we have little knowledge of your specific situation. |
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olsanairbase
Joined: 30 Aug 2010
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| Posted: Mon Jan 03, 2011 9:14 pm Post subject: Re: Curious about taxes |
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| TheUrbanMyth wrote: |
| mellow-d wrote: |
So I'm pretty clueless about filing for taxes. (My Dad does mine at home!)
What is the procedure like? When do we file? Does my work file for me?
I work for Gangnam public schools so I was wondering if anyone knows how much you might have to pay back (on average). Other than that, I'm single and I don't have any dependents so those things we can cancel out.
Thanks!!! |
It depends on your income...but on average you should pay between 10-12% or thereabouts of salary. That includes taxes, pension, health insurance and deductions like lunch. And yes your work should be doing these deductions automatically. If you really want to know all of the deductions then ask for a monthly payslip...they should be providing you with one (at least in theory).
Keep in mind though the above is just a generalization as we have little knowledge of your specific situation. |
Use the Foreign Income Exclusion Tax Form because you don't have to pay a penny for up 80,000 dollars of your overseas earnings each year. |
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mellow-d
Joined: 07 Oct 2009
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| Posted: Mon Jan 03, 2011 9:22 pm Post subject: |
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Thanks for the information! I'm a little worried because my housing stipend and income are all considered "income" and I heard a rumor about having to pay taxes back because that extra amount puts me into a higher tax bracket. I guess I'm trying to get a ballpark figure as to how much I'll owe, if any. Do you know when taxes are filed?
Also, that Foreign Exemption thing is only for Americans, right? I'm Canadian and I've never heard of something like that for us. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jan 03, 2011 9:57 pm Post subject: |
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| mellow-d wrote: |
Thanks for the information! I'm a little worried because my housing stipend and income are all considered "income" and I heard a rumor about having to pay taxes back because that extra amount puts me into a higher tax bracket. I guess I'm trying to get a ballpark figure as to how much I'll owe, if any. Do you know when taxes are filed?
Also, that Foreign Exemption thing is only for Americans, right? I'm Canadian and I've never heard of something like that for us. |
Yes that's only for Americans.
Are you asking about Canadian taxes or Korean taxes? The information I supplied in my first post applies to Korean taxes only. As for Canada I'm Canadian but I've been a non-resident for the last 10 years so I'm not sure. |
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mellow-d
Joined: 07 Oct 2009
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| Posted: Tue Jan 04, 2011 3:14 am Post subject: |
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| Yeah, I'm talking about Korean taxes. So I guess I'll just have to wait and see what happens. Hopefully I don't owe too much back because I'm not budgeting for it (Thanks Student Loans!) |
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