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Unreal
Joined: 01 Jul 2004
Location: Jeollabuk-do
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 Posted: Tue Jul 06, 2004 6:49 pm Post subject: Tax rate on contract |
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| I'm considering a contract right now and for the most part, it's good, but I'm wondering about the tax rate. Something like "as per Korean law, 7% will be removed from monthy wages". So on a 2 million Won contract, that's 140,000 per month. However my friend is making 2.1 and she pays 80,000 Won per month. What is the actual tax rate I should be paying? |
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prosodic
Joined: 21 Jun 2004
Location: ����
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| Posted: Tue Jul 06, 2004 6:55 pm Post subject: |
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Your tax rate will depend on a lot of factors. However, Korean law definitely does not require 7% withholding for tax purposes.
http://www.efl-law.com/tax.html |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Jul 06, 2004 11:29 pm Post subject: Re: Tax rate on contract |
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| Unreal wrote: |
| I'm considering a contract right now and for the most part, it's good, but I'm wondering about the tax rate. Something like "as per Korean law, 7% will be removed from monthy wages". So on a 2 million Won contract, that's 140,000 per month. However my friend is making 2.1 and she pays 80,000 Won per month. What is the actual tax rate I should be paying? |
7% might be a grand figure for all withholdings: tax and health insurance. I know my take home is 97% of my 2 million won gross. They never did sign me up at work for the "in case you're hit by a bus" health plan. And frankly I'll play the odds. |
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slap it
Joined: 21 Jan 2003
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| Posted: Tue Jul 06, 2004 11:48 pm Post subject: |
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the tax rate for 2,000,000 won is 3.1%.
pension is also mandatory and that comes out to 4.5% of your salary.
insurance is optional. hope this helps. |
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