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Korean Job Discussion Forums
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Sarah_a_Sojourner
Joined: 05 Oct 2010
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 Posted: Sat Feb 19, 2011 7:48 pm Post subject: |
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| EmGen wrote: |
| kimc0486 wrote: |
I just received my contract and it stated that I had to have the tax exemption (the 8802) filed before my first pay check, or else I have to pay tax. I just found this out and according to the IRS it takes about 45 days to get back...starting work on the 1st of March. Does that sound right?
If I can't submit the 8802 because of timing, then I pay tax in Korea (4.5% right?) but I don't have to pay taxes in the US?
Very confused and feel like I am reading conflicting info...thanks for the help. |
Yeah, this is what I'm afraid of. I'm starting on March 1 also. |
Mm-hmm, same here: March 1. Hired by a GEPIK school and got my first actual information about this from my recruiter a week ago. After reading the post below though, it seems like we'll get back any taxes that would have been paid, so long as (or maybe even regardless of whether) we submit our form.
I still don't understand line 10 on form 8802 though. Ugh. I thought I was becoming a resident of Korea for a year, so why am I declaring under penalty of perjury that I'm a resident of the US? /Confused |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Sun Feb 20, 2011 5:04 pm Post subject: Re: No residency certificate. Will I have to pay in? |
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| isitts wrote: |
There is no point in getting the certificate unless you're trying to use the loophole to avoid paying taxes in both countries.
If you get the certificate, then you have to pay tax in the US (which is a higher rate than Korea, so still can't figure out why people want it).
If you don't get the certificate, then you pay tax in Korea (and file the 2555 with your 1040 so you don't get taxed in the US). |
You're forgetting that you get out of Korean taxes with the res cert and if you fulfill the Physical Presence test of the 2555, you also get out of US taxes. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Sun Feb 20, 2011 5:06 pm Post subject: |
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| Sarah_a_Sojourner wrote: |
Mm-hmm, same here: March 1. Hired by a GEPIK school and got my first actual information about this from my recruiter a week ago. After reading the post below though, it seems like we'll get back any taxes that would have been paid, so long as (or maybe even regardless of whether) we submit our form.
I still don't understand line 10 on form 8802 though. Ugh. I thought I was becoming a resident of Korea for a year, so why am I declaring under penalty of perjury that I'm a resident of the US? /Confused |
YOu're declaring that you're a TAX resident of the US, meaning the LAST tax year, you paid US taxes. |
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