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am i being taxed too much?

 
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bap



Joined: 10 Apr 2003

PostPosted: Mon Jun 09, 2003 8:27 pm    Post subject: am i being taxed too much? Reply with quote

i just read another post which said that the tax for a salary of 1.9 million won is about 35,000 won.
i make 1.9 million won a month and i'm being taxed almost 80,000 won per paycheck.
does anyone have any advice for me? am i being ripped off? how should i approach my director about this (if it's true)?
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crazylemongirl



Joined: 23 Mar 2003
Location: almost there...

PostPosted: Mon Jun 09, 2003 9:20 pm    Post subject: Reply with quote

Sounds a bit steep, but check out the following posts and links off the posts.

http://www.eslcafe.com/forums/korea/viewtopic.php?t=5380&highlight=tax

http://www.eslcafe.com/forums/korea/viewtopic.php?p=44990#44990

CLG
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rapier



Joined: 16 Feb 2003

PostPosted: Mon Jun 09, 2003 9:43 pm    Post subject: Reply with quote

Any tax is too much. Both my jobs have been cash in hand, wad of cash, shwing! There you go matey!!!
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Mon Jun 09, 2003 10:13 pm    Post subject: Reply with quote

perhaps that tax includes pension and health insurance?
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waterbaby



Joined: 01 Feb 2003
Location: Baking Gord a Cheescake pie

PostPosted: Tue Jun 10, 2003 1:22 am    Post subject: Reply with quote

The tax rates also depend on what type of business it is - is it a privately owned business, a partnership a company... Sorry I can't be more specific but I'm looking into it at the moment... I'm going by the tax rates on the EFL-Law website myself, and so is my hagwon.

Quote:

Monthly Salary
1,600,000 - 1,610,000 TAX - 20,940
1,700,000 - 1,710,000 TAX - 25,480
1,800,000 - 1,810,000 TAX - 30,550
1,840,000 - 1,850,000 TAX - 32,410
1,900,000 - 1,910,000 TAX - 35,510
1,950,000 - 1,960,000 TAX - 37,990
2,000,000 - 2,010,000 TAX - 40,670
2,100,000 - 2,110,000 TAX - 45,710
2,200,000 - 2,210,000 TAX - 55,260


Source: http://www.efl-law.com/kr_tax_sws.html
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bap



Joined: 10 Apr 2003

PostPosted: Wed Jun 11, 2003 7:15 pm    Post subject: Reply with quote

my tax deduction doesn't include health coverage (i don't have health care) but i don't know about the pension thing - maybe.
but i did just find out that on top of the 80000won monthly tax deduction i also get a local tax deduction of 8000won.
what's up with that?
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mack the knife



Joined: 16 Jan 2003
Location: standing right behind you...

PostPosted: Wed Jun 11, 2003 8:25 pm    Post subject: Reply with quote

local tax deduction is not unusual
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