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Badmojo
Joined: 07 Mar 2004
Location: I'm just sitting here watching the wheels go round and round
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 Posted: Sun May 09, 2004 6:10 pm Post subject: What do your deductions look like? |
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I'm a little concerned that my hagwon isn't paying my pension. Maybe they are, maybe they aren't. I don't know.
I make 2.0 million a month, and usually clear 1.825. Does that look about right? Does tax, health insurance and pension equal about 175,000 won a month? |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Sun May 09, 2004 6:19 pm Post subject: |
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| That looks about right. Be happy you are in a low tax bracket. |
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Zed
Joined: 20 Jan 2003
Location: Shakedown Street
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| Posted: Sun May 09, 2004 11:30 pm Post subject: |
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| If you're not paying a pension then that's too much. The tax rate here is about 3-3.5%. Are you getting any other deductions on top of that like health insurance at 1.5-2 %? Pension should amount to about 5 %. |
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Badmojo
Joined: 07 Mar 2004
Location: I'm just sitting here watching the wheels go round and round
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| Posted: Sun May 09, 2004 11:46 pm Post subject: |
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| Zed wrote: |
| If you're not paying a pension then that's too much. The tax rate here is about 3-3.5%. Are you getting any other deductions on top of that like health insurance at 1.5-2 %? Pension should amount to about 5 %. |
Another poster said it looked right. Your numbers look right. I'm satisfied. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Sun May 09, 2004 11:59 pm Post subject: Re: What do your deductions look like? |
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| Badmojo wrote: |
| I'm a little concerned that my hagwon isn't paying my pension. Maybe they are, maybe they aren't. I don't know. |
Have you asked them? Its entirely reasonable to request an itemization of your deductions. |
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Zed
Joined: 20 Jan 2003
Location: Shakedown Street
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| Posted: Mon May 10, 2004 12:30 am Post subject: Re: What do your deductions look like? |
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| schwa wrote: |
| Badmojo wrote: |
| I'm a little concerned that my hagwon isn't paying my pension. Maybe they are, maybe they aren't. I don't know. |
Have you asked them? Its entirely reasonable to request an itemization of your deductions. |
Or it could look like you don't trust them and they get rid of you. Happened to me last year. |
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Crois
Joined: 18 Aug 2003
Location: You could be next so watch out.
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| Posted: Mon May 10, 2004 2:05 am Post subject: |
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| About 80,000 won - tax, apartment thingy and bills. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon May 10, 2004 3:05 am Post subject: |
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| Badmojo wrote: |
| Zed wrote: |
| If you're not paying a pension then that's too much. The tax rate here is about 3-3.5%. Are you getting any other deductions on top of that like health insurance at 1.5-2 %? Pension should amount to about 5 %. |
Another poster said it looked right. Your numbers look right. I'm satisfied. |
It is right if it includes the pension. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon May 10, 2004 3:26 am Post subject: |
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| I gross 2 mil and net 1,934,000. I'm pretty sure they're not doing something legal, like enrolling me in the health plan. |
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Zed
Joined: 20 Jan 2003
Location: Shakedown Street
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| Posted: Mon May 10, 2004 3:36 am Post subject: |
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| mindmetoo wrote: |
| I gross 2 mil and net 1,934,000. I'm pretty sure they're not doing something legal, like enrolling me in the health plan. |
How long have you been there? At my first hagwon they got me to pay a bill every 3 months instead of deducting it. Maybe you'll get a bill or maybe you're right and they are simply avoiding signing you up for health coverage. |
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Kristsoy
Joined: 23 Mar 2004
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| Posted: Mon May 10, 2004 7:18 am Post subject: ? |
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| deductions? what deductions? |
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Fifyfofum
Joined: 20 Feb 2004
Location: Anyang
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| Posted: Mon May 10, 2004 7:17 pm Post subject: |
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As far as I can make out the 3 deductions are:
Basic Tax
Pension
Healthcare
Basic tax on 2m is 40,670 won (according to EFL Law)
Pension is 4.5%, thus 90,000 won (BTW not everyone gets a refund of this AND if there are less than 5 employees it doesn't have to be paid)
Healthcare (depends on what it says in your contract)
Hope this helps |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon May 10, 2004 8:40 pm Post subject: |
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| Zed wrote: |
| mindmetoo wrote: |
| I gross 2 mil and net 1,934,000. I'm pretty sure they're not doing something legal, like enrolling me in the health plan. |
How long have you been there? At my first hagwon they got me to pay a bill every 3 months instead of deducting it. Maybe you'll get a bill or maybe you're right and they are simply avoiding signing you up for health coverage. |
I guess I've been here for more than 3 months but it's been less than 3 months since I got my alien registration card. I suspect they can't sign you up for any insurance until they have that. I got my card around March. So let's see if anything crosses my desk by June or July  |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon May 10, 2004 8:56 pm Post subject: |
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| mindmetoo wrote: |
| I gross 2 mil and net 1,934,000. I'm pretty sure they're not doing something legal, like enrolling me in the health plan. |
At a minimum, your pension is not being paid. You are losing money that way because they could match it depending on the number of employees in your business. |
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