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winterfall
Joined: 21 May 2009
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 Posted: Sun Feb 13, 2011 3:27 pm Post subject: Public School teachers tax 2011 |
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I heard from my school's accountant that the government is rethinking what the tax rate we pay for next year is gonna be. Whether we're counted as full time workers or contractors. Something weird like that. But whatever they decide means we either pay the 15% rate or stick with what we've got now.
Can anyone confirm this? Talking to the tax office is useless. |
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nukeday
Joined: 13 May 2010
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| Posted: Sun Feb 13, 2011 3:40 pm Post subject: |
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determining the tax rate for 2011 sounds like something that should've been decided in 2010.
15% tax rate = another reason to go to china or japan |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Sun Feb 13, 2011 4:33 pm Post subject: |
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READ THE 40+ OTHER THREADS ABOUT TAXES.
The old system - foreigners either pay A) full korean income taxon 70% of their income or B) 15% flat tax. People who make a lot of money took option B while everyone else took option A.
The NEW system - foreigners with pay A) full korean income tax on 100% of their income or B) flat 15% tax. Since you're on this board, you'd want to just pay the regular Korean income tax of 2-3%. |
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winterfall
Joined: 21 May 2009
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| Posted: Sun Feb 13, 2011 4:46 pm Post subject: |
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| nathanrutledge wrote: |
READ THE 40+ OTHER THREADS ABOUT TAXES.
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I checked the other tax threads, no one mentioned the differential tax rate, 70 vs 100%, Thanks
I've got dependents, now gotta figure out what paperwork I need to file to register them.
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By the way does anyone know what time test you've got to pass to qualify a dependent? I've got a cousin that comes and lives with me 300ish days of the year. Cousin has no income, and is a student. I cover my cousin's living expenses. Room and board, a small monthly allowance (about 400-500), and co-opt payments for medical and dental visits. But I don't pay my cousin's tuition or health care. That is my cousin isn't on a medical insurance under my name. Can I claim my cousin as a dependent? |
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nukeday
Joined: 13 May 2010
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| Posted: Sun Feb 13, 2011 6:03 pm Post subject: |
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| This is probably the wrong board to ask that... |
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winterfall
Joined: 21 May 2009
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| Posted: Sun Feb 13, 2011 6:15 pm Post subject: |
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| nukeday wrote: |
| This is probably the wrong board to ask that... |
School accountant doesn't understand / doesn't know / won't tell me
Tax office doesn't understand / doesn't know / won't tell me (5 Different Branches including HQ main office)
Seoul Global Center -> talk to your school / tax office. AKA doesn't understand / doesn't know / won't tell me
That doesn't leave too many people left, unless I missed someone 
I've also got 2 other dependents on top of the one mentioned above I need to declare but, I don't know how to find out the eligibility criteria.
Last edited by winterfall on Sun Feb 13, 2011 6:22 pm; edited 1 time in total |
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nukeday
Joined: 13 May 2010
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| Posted: Sun Feb 13, 2011 6:22 pm Post subject: |
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The tax office couldn't tell you? Did you have the conversation in Korean?
Is there a Korean equivalent of H&R Block? |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Sun Feb 13, 2011 6:23 pm Post subject: |
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www.nts.go.kr
They have all the rules, in GOOD English. There is also a very easy tax calculator with examples of who is and is not a dependent. |
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winterfall
Joined: 21 May 2009
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| Posted: Sun Feb 13, 2011 6:24 pm Post subject: |
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| nukeday wrote: |
The tax office couldn't tell you? Did you have the conversation in Korean?
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Yes all the conversations got stuck at the same point. When you ask them for details they squirm and tell you a variation of I don't know / I don't care |
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soyoungmikey
Joined: 29 Jun 2009
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| Posted: Sun Feb 13, 2011 9:55 pm Post subject: |
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| A dependent is either a spouse or child. Your cousin does not count. |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Sun Feb 13, 2011 9:57 pm Post subject: |
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| soyoungmikey wrote: |
| A dependent is either a spouse or child. Your cousin does not count. |
Read the rules. Korean tax law allows a LOT more people to be dependents. Brothers and sisters, as well as parents can be dependents for sure in Korea. Cousins are a strong possibility. |
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winterfall
Joined: 21 May 2009
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| Posted: Sun Feb 13, 2011 11:19 pm Post subject: |
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| nathanrutledge wrote: |
| soyoungmikey wrote: |
| A dependent is either a spouse or child. Your cousin does not count. |
Read the rules. Korean tax law allows a LOT more people to be dependents. Brothers and sisters, as well as parents can be dependents for sure in Korea. Cousins are a strong possibility. |
Yup it's my blood cousin and "Lineal descendant" sounds stretchable. I've gotta double check with immigration. Thanks for the link Nate |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Sun Feb 13, 2011 11:47 pm Post subject: |
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Dude, no way no how should you be paying 15% on a Englishee teacher salary, and that's even if your housing is included.
anything much past 4, certainly 5% means you're getting screwed. |
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emmahearst
Joined: 10 Jan 2011
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| Posted: Mon Feb 14, 2011 7:47 pm Post subject: Re: Public School teachers tax 2011 |
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Ahh tax season.
| winterfall wrote: |
I heard from my school's accountant t
hat the government is rethinking what the tax rate we pay for next year is gonna be. Whether we're counted as full time workers or contractors. Something weird like that. But whatever they decide means we either pay the 15% rate or stick with what we've got now.
Can anyone confirm this? Talking to the tax office is useless. |
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Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
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| Posted: Mon Feb 14, 2011 7:49 pm Post subject: |
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| For the record, I just got told I'll be down 400,000 won on this last pay packet due to some tax issue, any idea why that is? |
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