| View previous topic :: View next topic |
| Author |
Message |
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
 Posted: Wed Feb 15, 2012 2:27 am Post subject: Re: The tax man cometh. How much are you getting dinged for |
 |
|
| ttompatz wrote: |
Not sure about YOUR taxes but on a gross salary of ~40 million, I have a total tax liability this year (2011) of 1.9 million (all of which was prepaid).
About 5% of my gross salary. |
Wow! I want your job where you work PT and make that income. |
|
| Back to top |
|
 |
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Wed Feb 15, 2012 2:29 am Post subject: |
|
|
| ontheway wrote: |
| The 2 year Korean income tax exemption for Americans is limited: public school teachers are exempt for 2 years, hogwan teachers are not. |
I'm at a private uni and there are a handful of us getting the exemption. |
|
| Back to top |
|
|
banjois
Joined: 14 Nov 2009
|
| Posted: Wed Feb 15, 2012 2:36 am Post subject: |
|
|
Management came to us today asking us to submit bank records of purchases on cheque cards or credit cards so that we can get a deduction for them.
Fair enough.
But I just ran things through the tax calculator and there was no difference between the numbers with and without rough estimates of expenditures.
What gives?
Also, why are credit/cheque purchases tax deductions? To discourage fraud on the merchant's end? |
|
| Back to top |
|
|
bbud656
Joined: 15 Jun 2010
|
| Posted: Wed Feb 15, 2012 6:34 am Post subject: |
|
|
| Quote: |
| I'm at a private uni and there are a handful of us getting the exemption. |
So you can get an exemption through a private uni? I thought someone said you had to work at a public uni. Do you know if you can get money paid after the fact? I've only been here 1.5 years, but ive been at a public school or a uni the whole time, but I never filed for exemption before hand. |
|
| Back to top |
|
|
naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
|
| Posted: Wed Feb 15, 2012 7:31 am Post subject: |
|
|
| bbud656 wrote: |
| Quote: |
| I'm at a private uni and there are a handful of us getting the exemption. |
So you can get an exemption through a private uni? I thought someone said you had to work at a public uni. Do you know if you can get money paid after the fact? I've only been here 1.5 years, but ive been at a public school or a uni the whole time, but I never filed for exemption before hand. |
Nope. Someone said that hagwons don't count as educational institutes. Yes, you can get money back after the fact. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Wed Feb 15, 2012 7:36 am Post subject: Re: The tax man cometh. How much are you getting dinged for |
|
|
| naturegirl321 wrote: |
| ttompatz wrote: |
Not sure about YOUR taxes but on a gross salary of ~40 million, I have a total tax liability this year (2011) of 1.9 million (all of which was prepaid).
About 5% of my gross salary. |
Wow! I want your job where you work PT and make that income. |
LOL.... you know about my job here... and my job there....
. |
|
| Back to top |
|
|
ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
|
| Posted: Wed Feb 15, 2012 7:59 am Post subject: |
|
|
| naturegirl321 wrote: |
| ontheway wrote: |
| The 2 year Korean income tax exemption for Americans is limited: public school teachers are exempt for 2 years, hogwan teachers are not. |
I'm at a private uni and there are a handful of us getting the exemption. |
Perhaps your private uni receives enough public funding from the government to qualify. |
|
| Back to top |
|
|
zappadelta
Joined: 31 Aug 2004
|
| Posted: Wed Feb 15, 2012 7:48 pm Post subject: |
|
|
Got my tax results today, owe about 700,000won. About the same as last year. Seems like a lot to me, and not sure why I owe so much.  |
|
| Back to top |
|
|
I-am-me
Joined: 21 Feb 2006
Location: Hermit Kingdom
|
| Posted: Wed Feb 15, 2012 9:22 pm Post subject: |
|
|
| I got a refund of $400. Of course I have dependents and it probably should have been higher. They didnt bother to ask me for any deductions. |
|
| Back to top |
|
|
Swampfox10mm
Joined: 24 Mar 2011
|
| Posted: Wed Feb 15, 2012 10:31 pm Post subject: |
|
|
| banjois wrote: |
Management came to us today asking us to submit bank records of purchases on cheque cards or credit cards so that we can get a deduction for them.
Fair enough.
But I just ran things through the tax calculator and there was no difference between the numbers with and without rough estimates of expenditures.
What gives?
Also, why are credit/cheque purchases tax deductions? To discourage fraud on the merchant's end? |
You need to use your card A LOT to get anything back. I used it all year, meticulously, as well as my credit card, and I still didn't hit the amount needed for it to kick in and get anything back. My wife did, and it saved her about 242,000 if memory serves. We have decided that from now on, we will use one tax card to make purchases with, and I may be using her credit card in her name to purchase. We're throwing money out the window by not doing this.
So, unless you charged A LOT, I wouldn't bother with the bank records. Our university doesn't ask for them, but will take them if we give them.
And yes, the credit purchases were an idea to keep businesses more honest about how much they were earning.
By the way, my wife mentioned something about Debit cards this year getting double, or maybe 1.5 times value when this is applied to tax. So we're going to do that, too. It's a new thing to encourage Debit card use instead of building up credit debt or something. |
|
| Back to top |
|
|
Carbon
Joined: 28 Jan 2011
|
| Posted: Thu Feb 16, 2012 12:30 am Post subject: |
|
|
| naturegirl321 wrote: |
| Someone said that hagwons don't count as educational institutes. |
True, in and out of context.
 |
|
| Back to top |
|
|
banjois
Joined: 14 Nov 2009
|
| Posted: Thu Feb 16, 2012 1:43 am Post subject: |
|
|
Yeah, on further reading on the tax website, you have to spend over 25% of your income on credit or debit cards.
Oh well. |
|
| Back to top |
|
|
graham29
Joined: 07 Sep 2010
Location: KOREA
|
| Posted: Thu Feb 16, 2012 3:39 am Post subject: |
|
|
WARNING to anyone that is working as a contractor - paying only 3.3% income tax a month (no benefits), you need to file a tax return every May for the previous year
how do i konw this??? after recieving a tax bill of 2,080,400 won yessterday for 2010's earnings. 20% of that wopping figure is because i failed to complete the tax return.
i have been here 5 years and have never recieved anything from the tax office... is it paranoia or have they just waited until i began earning a significant amount to allow them to take a good chunk of it?
im not angry that my tax contribution should increase with my earnings but i am angry that i should pay a penalty for something i knew nothing about and that i am given just a few weeks to pay it.
is there anyone else out there that works as a contractor that knew they had to complete a tax return in May? or am i just the only one dumb enough not to download the tax help document from the nts website upon arrival. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
