Korean Job Discussion Forums

[plchron]

Not pension, but do i get an income tax refund if I pay taxes for working at a public school? Also, since I started in August, Do I file a return now and a return next year when I leave? or Only one when I leave?

[thegadfly]

http://www.nts.go.kr/eng/help/help_53.asp?top_code=H001&sub_code=HS05&ssub_code=HSE3#none

You can find the worksheet for taxes paid in 2011, to see how much you would owe. You can enter what you DID pay, and it should calculate your liability for the year -- it is not an EXACT figure, or it does not seem to be, as my own taxes for 2010 were off my about 7k won...not exact, but pretty darn close.

When it says monthly taxes withheld, I had to enter the amount withheld for the entire year, rather than monthly....

You should be able to play with the calculator and get the information you need.

As far as GETTING the money back, that is a different matter. My employer applies for our refund, and we get a receipt for our taxes paid and refund owed (if any), and it is deposited into our bank accounts in late March/early April for the previous year....

I actually had to pay in 2010, what with the change in the way they calculate taxes owed, my employer only taking out taxes for my base salary, and me working a bunch of OT...the taxes I ended up owing on my OT caused me to have to pay in at the end of the year. That situation, however, will most likely NOT be happening to you....