| View previous topic :: View next topic |
| Author |
Message |
christopherm
Joined: 16 Mar 2006
Location: Jecheon, Korea
|
 Posted: Sat Feb 19, 2011 7:41 pm Post subject: End of Year tax deduction |
 |
|
Some of us who have received their eoy financial statements may have noticed a substantial "tax adjustment" on their pay summary. It has been suggested that this adjustment has been relegated to those holding an E-2 visa. Frankly, it was a shock to discover this unannounced deduction.
I would appreciate any ray of light that anyone can shed on this tax deduction. |
|
| Back to top |
|
 |
OculisOrbis
Joined: 17 Jul 2006
|
| Posted: Sun Feb 20, 2011 7:12 pm Post subject: |
|
|
Look at any of the other multitude of threads on this subject from the past few weeks.
Simply put, there was an income reduction benefit of 30% that was applied to foreigners' income before tax was calculated. That benefit was cancelled on Dec. 31, 2009. For the 2010 tax year (and subsequent years), tax is now claculated on 100% of your earnings rather than 70% when the benefit was in effect. That is the reason people are flipping out this year. |
|
| Back to top |
|
|
sojusucks
Joined: 31 May 2008
|
| Posted: Mon Feb 21, 2011 3:40 am Post subject: |
|
|
| Are recruiters giving incorrect tax information on their websites? |
|
| Back to top |
|
|
OculisOrbis
Joined: 17 Jul 2006
|
| Posted: Mon Feb 21, 2011 3:47 am Post subject: |
|
|
| When haven't recruiter's been giving incorrect information? |
|
| Back to top |
|
|
AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
|
| Posted: Mon Feb 21, 2011 7:15 am Post subject: |
|
|
| It was a surprise. About a month ago, these surprise tax bill threads began. Even an honest recruiter couldn't tell the truth, because they too might not had possibly known of the change. We certainly didn't know. It seems this was changed by the tax service office only last month, but retroactive from January 1st, 2010. |
|
| Back to top |
|
|
OculisOrbis
Joined: 17 Jul 2006
|
|
| Back to top |
|
|
AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
|
| Posted: Tue Feb 22, 2011 3:26 am Post subject: |
|
|
My ignorance on it over missing the announcement or not paying attention. Bummer deal they decided to start charging us more. Another fairly recent increase in the cost of living... |
|
| Back to top |
|
|
sojusucks
Joined: 31 May 2008
|
| Posted: Tue Feb 22, 2011 11:34 am Post subject: |
|
|
| Along with higher food prices, utility bills, etc... |
|
| Back to top |
|
|
AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
|
| Posted: Tue Feb 22, 2011 5:23 pm Post subject: |
|
|
| My school has been hounding me to pay taxes them in cash since last Friday, but I had withdrawn everything down to 100,000 won and said I no longer have that much Korean won until this Friday. Seems wierd to me why they can't just deduct it from my the 6.5 million won they owe me so I'm in a position of disagreement with them. |
|
| Back to top |
|
|
Ramen
Joined: 15 Apr 2008
|
| Posted: Tue Feb 22, 2011 5:58 pm Post subject: |
|
|
| AsiaESLbound wrote: |
| My school has been hounding me to pay taxes them in cash since last Friday, but I had withdrawn everything down to 100,000 won and said I no longer have that much Korean won until this Friday. Seems wierd to me why they can't just deduct it from my the 6.5 million won they owe me so I'm in a position of disagreement with them. |
Tell them to give you the receipt when they spend it on room bar.  |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
