Korean Job Discussion Forums

[newbieteach]

I think this question regarding deductions would help a lot of people greatly, so if someone has any information please let me know:

In 2012, how much should a single person with no dependents be paying in income taxes, resident's taxes, insurance, and pension if he/she were making the following per month:

1. 2,000,000 KRW
2. 2,100,000 KRW
3. 2,200,000 KRW

References would be greatly appreciated also.

Thank you.

[12ax7]

Given them a call:

http://www.nts.go.kr/eng/help/help_01.asp?top_code=H001&sub_code=HS01&ssub_code=HSA1

But, really, it depends on a variety of factors. Part of your income may also be nontaxable.

[Skippy]

Sorry buddy, I do not want to do the work for you. There are various different ways businesses and schools deduct money.

You can do the leg work yourself, but here are some pointers.

1. Health Insurance
Check out the web page for NHIC. The rate is about (may be wrong) 2.24% matched by employer.

2. Pension
Check out the webpage at NPS. The average rate is 4.5% matched by employer.

3. Taxes
Once again check out the website at NTS. The rate should vary but should be under 3%. There is two parts to it. A national and a residents tax. Use the nice online calculator to get an idea.

There are various incidentals deducted too. Some legit, some suspicious, the thing is the check your contract.

Apartment Fee
Apartment Maintenance Fee
Security Deposit (maybe the first month or few months). Should be returned.
Lunch/Meals - More public schools
Airplane Ticket Security Fee. Once again price of ticket is taken out in the first few months then returned later. Not common now a days.

Of course many of these deductions change if school is doing the Independent Contractor route (Please ontheway hold off). If so the tax rate changes and the benefits rate changes too.

Please read the board and do check out various sites that explain things.