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NYC_Gal 2.0
Joined: 10 Dec 2010
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 Posted: Tue Feb 08, 2011 11:26 pm Post subject: |
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Wow if I paid taxes I'd just give them my US credit card statements. I've spent a ton on flights (used my card to pay for my friend's flights for home leave) and just about everything I buy, with the exception of the few things that warrant using cash (trash bags, street food, and transportation).
I'll keep that in mind for next year. My surgery was this year, so I'll make sure to keep my documentation. |
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morrisonhotel
Joined: 18 Jul 2009
Location: Gyeonggi-do
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| Posted: Tue Feb 08, 2011 11:31 pm Post subject: |
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| Should I submit my medical expenses? They amount to just less than 3% of my salary. I would assume that that would be pointless? |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Tue Feb 08, 2011 11:32 pm Post subject: |
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| Surgery is deductible anyway. Lots of things are deductible. Go to the tax site for more info. |
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morrisonhotel
Joined: 18 Jul 2009
Location: Gyeonggi-do
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| Posted: Tue Feb 08, 2011 11:40 pm Post subject: |
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| From what I'm reading, medical expenses have to be over 3% of your salary to be deductible. Can anyone clarify that? |
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winterfall
Joined: 21 May 2009
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| Posted: Wed Feb 09, 2011 12:20 am Post subject: |
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| NYC_Gal 2.0 wrote: |
Wow if I paid taxes I'd just give them my US credit card statements. I've spent a ton on flights (used my card to pay for my friend's flights for home leave) and just about everything I buy, with the exception of the few things that warrant using cash (trash bags, street food, and transportation).
I'll keep that in mind for next year. My surgery was this year, so I'll make sure to keep my documentation. |
I'm not sure if your joking or serious.
| morrisonhotel wrote: |
| From what I'm reading, medical expenses have to be over 3% of your salary to be deductible. Can anyone clarify that? |
If you used your card, I'm guessing it'd just be lopped in with that. If I'm reading the rules right, you can deduct up to 20% of your yearly salary |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Wed Feb 09, 2011 3:15 am Post subject: |
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| winterfall wrote: |
| NYC_Gal 2.0 wrote: |
Wow if I paid taxes I'd just give them my US credit card statements. I've spent a ton on flights (used my card to pay for my friend's flights for home leave) and just about everything I buy, with the exception of the few things that warrant using cash (trash bags, street food, and transportation).
I'll keep that in mind for next year. My surgery was this year, so I'll make sure to keep my documentation. |
I'm not sure if your joking or serious. |
Why would I joke? My friend doesn't work for the PS system, and had to pay out of pocket. It wasn't really home leave, but he visited home a few times in the past year. I used my card because I have a really good rewards system, which gave him a bit of a discount. My hospital bill cost thousands of dollars and was this year. Why shouldn't I try to get a reduced tax rate next year? If they say no, then no.  The hospital bill, at least, will get me some sort of rebate. |
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Clockout
Joined: 23 Feb 2009
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| Posted: Wed Feb 09, 2011 5:08 am Post subject: |
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Any reason why the tax amounts are so varied? We all make the same amount. Is it just bad accounting work by the individual schools?
I just got told I had to pay 400,000 and was mildly annoyed but 1 million+ really sucks. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Wed Feb 09, 2011 6:01 am Post subject: |
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| Quote: |
| We all make the same amount. |
Oh we do? |
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Andyc24_uk
Joined: 21 May 2007
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| Posted: Wed Feb 09, 2011 11:03 am Post subject: |
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| The credit card receipts are to do with getting a partial tax exemption. Something to do with rewarding people for spending money within Korea (thus boosting the economy)... certain transactions are tax-deductable. I'm not sure how much it really saves you - if its only a handful of won, it's probably not worth the hassle... but if you;ve made big purchases like a TV or something on your card, it might well be... |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Wed Feb 09, 2011 4:55 pm Post subject: |
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| Andyc24_uk wrote: |
| The credit card receipts are to do with getting a partial tax exemption. Something to do with rewarding people for spending money within Korea (thus boosting the economy)... certain transactions are tax-deductable. I'm not sure how much it really saves you - if its only a handful of won, it's probably not worth the hassle... but if you;ve made big purchases like a TV or something on your card, it might well be... |
I heard that the government recently abolished the small tax break for using a credit card. I think the credit card receipts can be used for this tax year but not for 2011. It will now make no difference if you use a card or cash.
As for the the new taxes and tax hikes you can expect more in the future. All those deficits and bailouts have to be paid for. |
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mellow-d
Joined: 07 Oct 2009
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| Posted: Wed Feb 09, 2011 6:02 pm Post subject: |
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| Gangnam public school teachers (hired by Gangnam district and not hired by SMOE) get around 2.6 million plus the housing stipend of 900,000won each month. So..yeah, that's why some people have much higher taxes to pay since both are included as income (3.5 million/month). |
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tomstar86
Joined: 09 May 2009
Location: Daegu, South Korea
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| Posted: Wed Feb 09, 2011 6:13 pm Post subject: |
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The EPIK teachers here in Daegu seem to be paying anything between 300,000 and 600,000 in taxes. Needless to say, none of them are happy about it...
Crossing my fingers that it doesn't affect my hagwon!
Tom
http://waegook-tom.com |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Wed Feb 09, 2011 6:18 pm Post subject: |
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| 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 |
Blech. Actually after turning in my bank statements, I only got like 100,000W...dunno why. My education deductibles were WAY more. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed Feb 09, 2011 7:16 pm Post subject: |
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| NYC_Gal 2.0 wrote: |
| winterfall wrote: |
| NYC_Gal 2.0 wrote: |
Wow if I paid taxes I'd just give them my US credit card statements. I've spent a ton on flights (used my card to pay for my friend's flights for home leave) and just about everything I buy, with the exception of the few things that warrant using cash (trash bags, street food, and transportation).
I'll keep that in mind for next year. My surgery was this year, so I'll make sure to keep my documentation. |
I'm not sure if your joking or serious. |
Why would I joke? My friend doesn't work for the PS system, and had to pay out of pocket. It wasn't really home leave, but he visited home a few times in the past year. I used my card because I have a really good rewards system, which gave him a bit of a discount. My hospital bill cost thousands of dollars and was this year. Why shouldn't I try to get a reduced tax rate next year? If they say no, then no. The hospital bill, at least, will get me some sort of rebate. |
I believe it's only useful if you have a Korean credit cards. A credit card bill of a foreign credit card won't help you get a tax discount. |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Wed Feb 09, 2011 7:20 pm Post subject: |
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| jvalmer wrote: |
| NYC_Gal 2.0 wrote: |
| winterfall wrote: |
| NYC_Gal 2.0 wrote: |
Wow if I paid taxes I'd just give them my US credit card statements. I've spent a ton on flights (used my card to pay for my friend's flights for home leave) and just about everything I buy, with the exception of the few things that warrant using cash (trash bags, street food, and transportation).
I'll keep that in mind for next year. My surgery was this year, so I'll make sure to keep my documentation. |
I'm not sure if your joking or serious. |
Why would I joke? My friend doesn't work for the PS system, and had to pay out of pocket. It wasn't really home leave, but he visited home a few times in the past year. I used my card because I have a really good rewards system, which gave him a bit of a discount. My hospital bill cost thousands of dollars and was this year. Why shouldn't I try to get a reduced tax rate next year? If they say no, then no. The hospital bill, at least, will get me some sort of rebate. |
I believe it's only useful if you have a Korean credit cards. A credit card bill of a foreign credit card won't help you get a tax discount. |
No worries then. I'm saving my hospital documentation, though, as I will be taxed the next time around, and every little bit helps. |
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