| View previous topic :: View next topic |
| Author |
Message |
PhillyPK
Joined: 03 Mar 2011
|
 Posted: Sun Mar 06, 2011 8:48 pm Post subject: 7% tax deduction?? |
 |
|
Hey everyone,
I recently received an offer of employment from a hagwon. I was immediately shocked when I saw that the tax deducted each month would be 7% of my salary. That is on top of pension and insurance. From what I've heard from others, that seems to be way too high. Am I wrong? |
|
| Back to top |
|
 |
OculisOrbis
Joined: 17 Jul 2006
|
|
| Back to top |
|
|
thegadfly
Joined: 01 Feb 2003
|
| Posted: Sun Mar 06, 2011 9:44 pm Post subject: |
|
|
Well, it probably IS too high, unless you are getting paid noticeably more than the normal starting salary -- taxes are on a sliding scale, and your monthly withholding can be calculated with the link that oculis was kind enough to supply....
7% on 2 million is way too high...7% on 4.4 million is about right...so if you are getting 4.4 million, then your taxation rate is correct  |
|
| Back to top |
|
|
PhillyPK
Joined: 03 Mar 2011
|
| Posted: Sun Mar 06, 2011 9:49 pm Post subject: |
|
|
Wow! That is nothing like the amount the hagwon is trying to deduct. Thanks for the help! |
|
| Back to top |
|
|
PhillyPK
Joined: 03 Mar 2011
|
| Posted: Sun Mar 06, 2011 9:51 pm Post subject: |
|
|
| thegadfly wrote: |
Well, it probably IS too high, unless you are getting paid noticeably more than the normal starting salary -- taxes are on a sliding scale, and your monthly withholding can be calculated with the link that oculis was kind enough to supply....
7% on 2 million is way too high...7% on 4.4 million is about right...so if you are getting 4.4 million, then your taxation rate is correct |
The promised salary was 2.4 million won. So I'm guessing the 7% is still way too high right?
I was really surprised because the hagwon is a really big and well known company...
In any case, thanks for the help. |
|
| Back to top |
|
|
thegadfly
Joined: 01 Feb 2003
|
| Posted: Sun Mar 06, 2011 10:08 pm Post subject: |
|
|
| Oh, 7% is absolutely too high for 2.4 million -- Oculis's link will show you what it should be.... |
|
| Back to top |
|
|
bobbybigfoot
Joined: 05 May 2007
Location: Seoul
|
| Posted: Mon Mar 07, 2011 4:43 am Post subject: |
|
|
| Now you know to pass on this job. They are crooks. The odds of you getting your severance and full pension are about 1 in 100. |
|
| Back to top |
|
|
Skyblue
Joined: 02 Mar 2007
|
| Posted: Mon Mar 07, 2011 9:01 pm Post subject: |
|
|
| Some people do get confused and think the deduction is all for taxes, when part of it might be your pension and health contributions. |
|
| Back to top |
|
|
OculisOrbis
Joined: 17 Jul 2006
|
| Posted: Mon Mar 07, 2011 9:07 pm Post subject: |
|
|
| Skyblue wrote: |
| Some people do get confused and think the deduction is all for taxes, when part of it might be your pension and health contributions. |
If that's the case, then it is too low and the employer is screwing you again somehow anyway. |
|
| Back to top |
|
|
PhillyPK
Joined: 03 Mar 2011
|
| Posted: Mon Mar 07, 2011 10:23 pm Post subject: |
|
|
| Skyblue wrote: |
| Some people do get confused and think the deduction is all for taxes, when part of it might be your pension and health contributions. |
In my case, the 7% was on top of 4.5% pension and 2.2% medical insurance.
Having talked to my recruiter again about this, I was told that the 7% was just a highball figure used. She told me that realistically, the actual number would be close to 4%. All of this uncertainty and shadiness is making me think twice about working for this company. |
|
| Back to top |
|
|
OculisOrbis
Joined: 17 Jul 2006
|
| Posted: Mon Mar 07, 2011 10:28 pm Post subject: |
|
|
| 4% is still double what it should be. |
|
| Back to top |
|
|
RMNC
Joined: 21 Jul 2010
|
| Posted: Tue Mar 08, 2011 12:55 am Post subject: |
|
|
Send that link to your recruiter/school explaining to them that it needs to be that specific amount taken out every month or they're going to be owing you money. That'll scare them straight.
What's the most dangerous thing in Korea? A waygook with a library card. |
|
| Back to top |
|
|
ajosshi
Joined: 17 Jan 2011
Location: ajosshi.com
|
| Posted: Tue Mar 08, 2011 1:59 am Post subject: |
|
|
| PhillyPK wrote: |
| thegadfly wrote: |
Well, it probably IS too high, unless you are getting paid noticeably more than the normal starting salary -- taxes are on a sliding scale, and your monthly withholding can be calculated with the link that oculis was kind enough to supply....
7% on 2 million is way too high...7% on 4.4 million is about right...so if you are getting 4.4 million, then your taxation rate is correct |
The promised salary was 2.4 million won. So I'm guessing the 7% is still way too high right?
I was really surprised because the hagwon is a really big and well known company...
In any case, thanks for the help. |
Name of the hagwon? If you don't want to post it here, please PM or email me. |
|
| Back to top |
|
|
PhillyPK
Joined: 03 Mar 2011
|
| Posted: Tue Mar 08, 2011 8:21 am Post subject: |
|
|
| ajosshi wrote: |
| PhillyPK wrote: |
| thegadfly wrote: |
Well, it probably IS too high, unless you are getting paid noticeably more than the normal starting salary -- taxes are on a sliding scale, and your monthly withholding can be calculated with the link that oculis was kind enough to supply....
7% on 2 million is way too high...7% on 4.4 million is about right...so if you are getting 4.4 million, then your taxation rate is correct |
The promised salary was 2.4 million won. So I'm guessing the 7% is still way too high right?
I was really surprised because the hagwon is a really big and well known company...
In any case, thanks for the help. |
Name of the hagwon? If you don't want to post it here, please PM or email me. |
I can't send a PM because I am under 25 posts. You can PM me if you'd like. |
|
| Back to top |
|
|
ajosshi
Joined: 17 Jan 2011
Location: ajosshi.com
|
| Posted: Tue Mar 08, 2011 9:01 am Post subject: |
|
|
| PhillyPK wrote: |
| ajosshi wrote: |
| PhillyPK wrote: |
| thegadfly wrote: |
Well, it probably IS too high, unless you are getting paid noticeably more than the normal starting salary -- taxes are on a sliding scale, and your monthly withholding can be calculated with the link that oculis was kind enough to supply....
7% on 2 million is way too high...7% on 4.4 million is about right...so if you are getting 4.4 million, then your taxation rate is correct |
The promised salary was 2.4 million won. So I'm guessing the 7% is still way too high right?
I was really surprised because the hagwon is a really big and well known company...
In any case, thanks for the help. |
Name of the hagwon? If you don't want to post it here, please PM or email me. |
I can't send a PM because I am under 25 posts. You can PM me if you'd like. |
Philly, I don't have enough posts to PM, but you can email me. There is the email button next to the PM button. Thanks. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
