Korean Job Discussion Forums

LL Moonmanhead · Joined: 21 Mar 2005 Location: yo momma

I pay 100000 won, does this sound about right?

Also this isn't broken down into tax, health insurance, pension, etc. It's disconcertly vague. I'm going to be asking for break down next week.

Thanks in advance.

Grotto · Joined: 21 Mar 2004

go here
http://www.nts.go.kr/eng/default.html

click on monthly witholding tax. You should be paying about 28,500 a month in tax.

100,000 is theft! I would clear this up with your master asap.

61,000x12=732,000 over a year...quite a chunk of cash Wink

[/quote]

Yesterday · Posted: Fri Jan 06, 2006 6:22 pm Post subject:

edited for privacy ....

thaitom · Joined: 08 Feb 2003 Location: Phopphra, Thailand

You know I am getting so tired of reading that there is a income tax rate of 3%. There is no damn flat rate for basic income tax! It is on a sliding scale. So on your 2Mil. won you should be paying exactly 28,950 , then add 10% of that for local and regional tax for a total of 31,850. This link has been posted so many times and it seems everyone concerned just ignores it http://www.nts.go.kr/eng/default.html ( NTS stands for National Tax Service) Now show me where it says there is a flat rate!!

Grotto · Joined: 21 Mar 2004

Sing it loud brother.

So many nay-sayers who refuse to look at the site to find out the proper tax rate. Let the fools pay extra...We're not Wink

sheba · Joined: 16 May 2005 Location: Here there and everywhere!

Just go to the tax office and ask for a print out. If they say you havent paid any tax then go back to your boss and ask for a refund. Otherwise a statement will show eactly how much tax has been paid (which should be around the 30-40,000 won) and you can ask your boss for a refund.

Either way, youre getting screwed.

Mr. Pink · Joined: 21 Oct 2003 Location: China

That sliding scale catches upto you quite fast.

I did a bit of OT last year and was paying quite a lot in taxes. I look at what I should be paying this year and it will be like 1/2...not bad considering I am not making half.

Yesterday · Posted: Sat Jan 07, 2006 12:24 am Post subject:

edited - for privacy

babtangee · Posted: Sat Jan 07, 2006 12:38 am Post subject:

This thing's cool:

http://nts.go.kr/front/service/refer_cal/jungsan2005/eng/refer_2005jungsan_eng.asp

What's with the "30% deduction for foreign employee" though? Do we get that?

Wrench · Joined: 07 Apr 2005

LL Moonmanhead · Joined: 21 Mar 2005 Location: yo momma

Thanks everyone for your prompt replies. Needless to say I'm going to be showing my director the website and asking him why i'm paying such an inflated figure.

One follow on question, does that figure of 28,950 won include the money that goes towards pension and health insurance? If it doesn't is there a way of working out I should be paying towards both of these?

Thanks again for all you swift and enlightening replies.

thaitom · Joined: 08 Feb 2003 Location: Phopphra, Thailand

No, income tax has nothing to do with Pension or Health insurance. Pension payments are 9% of your salary 4.5% each, you pay half your employer the other. http://www.nps4u.or.kr/eng/g-index.html this is the National Pension Service. Health Insurance I don't know about, I have my own.

IwalkAlone · Joined: 30 Nov 2005 Location: Daegu

The 30% deduction is for non-residents, which doesn't apply if your on an E-2 visa. E-2 visas are residents since we meet the "korean domicile for a year" requirement. That's good however because non-residents also are taxed much higher (maybe in the ballpark of 20%). No matter what you pay in taxes, record deductions and file your return.

Grotto · Joined: 21 Mar 2004

Deductions

tax according to the nts website
pension 4.5%
health 1.8%

do the math

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

Health (NHIC) is 4.8% total split between you and your employer. So 2.4% for you and the other 2.4% by the employer. NHIC is compulsory too, just like pension.