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falco
Joined: 26 Nov 2005
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 Posted: Mon Jul 13, 2015 9:13 pm Post subject: severance pay tax |
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| Anyone know if severance pay has to be taxed like regular monthly pay? My hogwon boss wants to take W63,000 off my severance. I dont recall this happening to before. Maybe the tax laws have changed or something. |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Tue Jul 14, 2015 12:06 am Post subject: Re: severance pay tax |
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| falco wrote: |
| Anyone know if severance pay has to be taxed like regular monthly pay? My hogwon boss wants to take W63,000 off my severance. I dont recall this happening to before. Maybe the tax laws have changed or something. |
It is just taxed normally with your pay if I'm not mistaken. Pension payments come out of it as well. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Tue Jul 14, 2015 1:20 am Post subject: Re: severance pay tax |
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| nicwr2002 wrote: |
| falco wrote: |
| Anyone know if severance pay has to be taxed like regular monthly pay? My hogwon boss wants to take W63,000 off my severance. I dont recall this happening to before. Maybe the tax laws have changed or something. |
It is just taxed normally with your pay if I'm not mistaken. Pension payments come out of it as well. |
I think you are mistaken.
Unless something has changed, severance pay is taxed at a higher rate. I can't remember what the rate is off the top of my head. |
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