| View previous topic :: View next topic |
| Author |
Message |
nukeday
Joined: 13 May 2010
|
 Posted: Tue Feb 08, 2011 9:16 pm Post subject: |
 |
|
Oh, a statement. I thought they were asking for point of sale receipts - who the hell keeps those?
Anyway, I didn't use my card much (probably well under 500,000 won) so I don't think it would've scored me a fat return. I suppose I should use it more. |
|
| Back to top |
|
 |
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Feb 08, 2011 9:19 pm Post subject: |
|
|
| Andyc24_uk wrote: |
The problem is that there are 2 ways of calculating tax - you can opt for a flat 15% (which is entirely pointless unless you're earning several hundred million won a year) or regular taxation. For some people, year-end taxes have been wrongly calculated using the 15% method, which throws up numbers of several million won - Employers then panic because you've only been paying about 80,000 a month (correctly, at the lower rate) - and they then demand the difference.
Most employers have probably just screwed up; a handful are doubtless doing it deliberately and pocketing the difference. If you're affected by this, use the link a couple of posts above. Type in all your income for the past year. If you've not completed a full year yet, only enter the amount you've actually received so far - don't worry about future earnings. Unless you have kids or investments in Korea, you probably don't qualify for most of the allowances, so don't sweat it too much if you don't understand them all. Try both methods and look at the difference.
Then print off the whole thing, with the lower amount, and either show it to your employer or, if they won't play ball, take it to the tax office, ideally with a Korean friend for translation help. Chances are you'll only have to pay an extra 150,000 or so - some people may even get a rebate if they've overpaid. |
Thanks. Thing is, I'm just now turning in my credit card/debit card deductible and medical deductible. The medical is tiny but the bank statement is like 13,000,000. So, if I'm going by the easy pdf, its says that your bank statement deductible is "statement-(incomeX20%)" which leaves 6.2million. The max deductible for that category is 5million. So, here's to hoping that I'm in the clear. |
|
| Back to top |
|
|
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Feb 08, 2011 9:23 pm Post subject: |
|
|
| nukeday wrote: |
Oh, a statement. I thought they were asking for point of sale receipts - who the hell keeps those?
Anyway, I didn't use my card much (probably well under 500,000 won) so I don't think it would've scored me a fat return. I suppose I should use it more. |
Right, you have to get an end of year statement. Mine is like 13,000,000 and you basically take that number and subtract your gross incomeX20%. I'm hoping that this is the thing that'll knock it down for me. |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 9:27 pm Post subject: |
|
|
| monthly gross income? |
|
| Back to top |
|
|
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Feb 08, 2011 9:34 pm Post subject: |
|
|
| nukeday wrote: |
| monthly gross income? |
Pfft, I mean, if you add in the housing, I guess it's like 2.9 |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 9:35 pm Post subject: |
|
|
| Oh, yeah, that should help you out quite a bit then. I really ought to use my card more. Makes sense not paying ATM fees all the time. I guess I'm still stuck in 2006 when no one accepted cards. |
|
| Back to top |
|
|
nathanrutledge
Joined: 01 May 2008
Location: Marakesh
|
| Posted: Tue Feb 08, 2011 9:40 pm Post subject: |
|
|
They want the card statements for tax purposes. Korea was a cash society for the longest time, and because of that, it's very easy to cheat on your taxes. Thus, a few years back, they began a program whereby when you use your card, you can turn in the receipts at the end of the year and get a rebate on your taxes. Also, whenever you spend more than 5000 won, you are eligible for this rebate as well. That's why there are so many store cards around (it keeps track of your spending) and why places will frequently ask for your phone number (people use their phone numbers as a sort of serial number for the program).
IF you are on your two year exemption, don't worry about it. If you're paying taxes, you are incredibly stupid if you DON'T do it. Nickels and dimes add up to some serious tax deductions.
You can register online (it's very simple). Don't recall the site, but if you're smart enough to use Google, you can figure it out. |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 9:48 pm Post subject: |
|
|
| Wait, sorry, register for what? I thought I just had to turn in my KEB card statement. What program would I need to register for? |
|
| Back to top |
|
|
nathanrutledge
Joined: 01 May 2008
Location: Marakesh
|
| Posted: Tue Feb 08, 2011 9:50 pm Post subject: |
|
|
| nukeday wrote: |
| Wait, sorry, register for what? I thought I just had to turn in my KEB card statement. What program would I need to register for? |
If you pay with cash, you can still participate. That's what you register for, a cash receipt number. You don't do anything except give your phone number/registration number when you buy things over 5000 won, then the companies you buy from report it. |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 9:54 pm Post subject: |
|
|
Ah, now I see. well, if anyone in the future reads this thread, it seems the site to register is
http://www.taxsave.go.kr/ |
|
| Back to top |
|
|
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Feb 08, 2011 10:02 pm Post subject: |
|
|
| nathanrutledge wrote: |
| nukeday wrote: |
| Wait, sorry, register for what? I thought I just had to turn in my KEB card statement. What program would I need to register for? |
If you pay with cash, you can still participate. That's what you register for, a cash receipt number. You don't do anything except give your phone number/registration number when you buy things over 5000 won, then the companies you buy from report it. |
I wish that were the problem though. The actual problem is that I'm basically being double-f*cking taxed because my last school, from January to August didn't file the housing change correctly, so I'm being retroactively taxed for like 8 months. If that wasn't the case, all my other deductions would have basically taken care of it. |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 10:14 pm Post subject: |
|
|
| Yeah that was a bit of a hijack, sorry. No easy answers for you...except that your taxes do seem really high unless you're making a lot more than 3.0 million with your housing. |
|
| Back to top |
|
|
mellow-d
Joined: 07 Oct 2009
|
| Posted: Tue Feb 08, 2011 10:15 pm Post subject: |
|
|
| I was just informed my taxes are going to be "over a million". I noticed that I had deductions taken from my pay when I looked at my payslip and I had assumed it included income tax but, nope! This really blows because not only do I owe all this tax but Gangnam district is going to make their teachers (re-signing and new) pay a 900,000 won housing "deposit" divided between April and May. God, between that and student loans back home, it's going to be a few hard months. |
|
| Back to top |
|
|
winterfall
Joined: 21 May 2009
|
| Posted: Tue Feb 08, 2011 11:05 pm Post subject: |
|
|
| nukeday wrote: |
| My school came up asking me for any credit card receipts. What? Should I be keeping a receipt for every time I use my KEB Visa check card? |
Theyr'e doing you a favor, that's a BIG deductible. For foreigners basically the only expense on credit card that doesn't fly is bills. Everything else is deductible: groceries, retail, entertainment, etc etc etc |
|
| Back to top |
|
|
nukeday
Joined: 13 May 2010
|
| Posted: Tue Feb 08, 2011 11:16 pm Post subject: |
|
|
| winterfall wrote: |
| nukeday wrote: |
| My school came up asking me for any credit card receipts. What? Should I be keeping a receipt for every time I use my KEB Visa check card? |
Theyr'e doing you a favor, that's a BIG deductible. For foreigners basically the only expense on credit card that doesn't fly is bills. Everything else is deductible: groceries, retail, entertainment, etc etc etc |
Yeah unfortunately I rarely use it. I've been paying cash mostly. I think my card expenditures for the past 6 months are like 250,000 |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
