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Wrench
Joined: 07 Apr 2005
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 Posted: Wed Jan 11, 2006 7:06 pm Post subject: |
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Currently I am paying on 2mil
100k Tax
81k for pension
40k for insurance
The tax is off right? |
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Jasobang
Joined: 11 Dec 2005
Location: Bucheon
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| Posted: Wed Jan 11, 2006 8:13 pm Post subject: Filing |
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| Previous years at the hogwon my taxes were filed with me simply signing on the doted line. One year I had a return and the following I paid in. Funny thing is that when I changed jobs mid-year, no taxes were filed by either party. This past year I filed with all the bells and whistles. I had deductions from everything including credit cards, hospitals, insurance and even the drug store. Being married with kids brings all this running around for receipts before the deadline onto the scene. Good thing is that the admin folks have informed me that I will get a return, how much exactly is still up in the air. |
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Jasobang
Joined: 11 Dec 2005
Location: Bucheon
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| Posted: Wed Jan 11, 2006 8:16 pm Post subject: Filing |
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| Previous years at the hogwon my taxes were filed with me simply signing on the doted line. One year I had a return and the following I paid in. Funny thing is that when I changed jobs mid-year, no taxes were filed by either party. This past year I filed with all the bells and whistles. I had deductions from everything including credit cards, hospitals, insurance and even the drug store. Being married with kids brings all this running around for receipts before the deadline onto the scene. Good thing is that the admin folks have informed me that I will get a return, how much exactly is still up in the air. |
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jacl
Joined: 31 Oct 2005
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| Posted: Wed Jan 11, 2006 8:32 pm Post subject: |
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| Wrench wrote: |
Currently I am paying on 2mil
100k Tax
81k for pension
40k for insurance
The tax is off right? |
Yes, it's off. And it looks like the pension is off, too. They're obviously not paying. Pension should be around 90,000/month. Hmm. They're putting all that money in their pockets. How are they doing the insurance? Did they give you a health card? Do you see the bill? What about the phone bill? Do you get one of those too? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Wed Jan 11, 2006 9:15 pm Post subject: |
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| Wrench, I think tax on 2mil should be around 32,000, including resident's tax. 100, huh? I hope you'll be getting a big return...like in the 800,000 range(if you were with the company for a year). |
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Snowkr
Joined: 03 Jun 2005
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| Posted: Wed Jan 11, 2006 9:29 pm Post subject: |
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I was not aware that we got any of that money back. I just assumed whatever was taken out of my salary would be gone forever.
The frustrating thing is, as an American citizen, I still have to pay social security tax on my earnings here as well. |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Wed Jan 11, 2006 9:39 pm Post subject: |
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| Snowkr wrote: |
I was not aware that we got any of that money back. I just assumed whatever was taken out of my salary would be gone forever.
The frustrating thing is, as an American citizen, I still have to pay social security tax on my earnings here as well. |
Sorry, I'm not familiar with the tax you mentioned.
Also, aren't Americans supposed to be tax-exempt in Korea for the first two years??? Anyone??? |
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rvintage
Joined: 05 Jul 2005
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| Posted: Thu Jan 12, 2006 2:04 am Post subject: |
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If you go to your local tax office, you can get a print out of what taxes, if any, have been paid in your name.
I know on the tax website it says that a person should pay around 28-30k for taxes, but that is actually an estimate for a person who works for one month.
Korean taxes are calculated annually, not monthly. If you haven't made 15 million won this year, then you should be paying NO taxes. Go to the tax office, I did, and no longer pay taxes and was refunded what I did pay previously. DON'T GET SCREWED ANYMORE!!! |
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Wrench
Joined: 07 Apr 2005
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| Posted: Thu Jan 12, 2006 3:33 am Post subject: |
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| jacl wrote: |
| Wrench wrote: |
Currently I am paying on 2mil
100k Tax
81k for pension
40k for insurance
The tax is off right? |
Yes, it's off. And it looks like the pension is off, too. They're obviously not paying. Pension should be around 90,000/month. Hmm. They're putting all that money in their pockets. How are they doing the insurance? Did they give you a health card? Do you see the bill? What about the phone bill? Do you get one of those too? |
Yeah I have a health card. I also have a pension slip every 6 months come to me. |
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jacl
Joined: 31 Oct 2005
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| Posted: Thu Jan 12, 2006 6:08 am Post subject: |
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| Wrench wrote: |
| jacl wrote: |
| Wrench wrote: |
Currently I am paying on 2mil
100k Tax
81k for pension
40k for insurance
The tax is off right? |
Yes, it's off. And it looks like the pension is off, too. They're obviously not paying. Pension should be around 90,000/month. Hmm. They're putting all that money in their pockets. How are they doing the insurance? Did they give you a health card? Do you see the bill? What about the phone bill? Do you get one of those too? |
Yeah I have a health card. I also have a pension slip every 6 months come to me. |
It seems strange to me that you only pay 81,000 for pension. It's good that you have a health card, but are you sure your boss is paying half? These guys try to get away with as much as they can. He could be reporting your salary lower than what it actually is and that's why your pension is much lower. Think about it. Yes, you're paying less, but so is he. Money he's not out of. I think that your pension payments should be higher. Something like 4.5% of your gross less 500 Won. Not that it's a lot of money, but it's the principle, really.
100,000 is waaaaaaaaaaay too much for tax. That's in your boss's pocket.
You get a pension statement? I don't get one. I just call the pension office and check my account.
You said you get a pension slip, but I don't know what that is. Try calling 02-2240-1083/5 and ask them how much is in your account. All you need to give them is your ARC number. Just say, "I'd like to check my account" and give them your number. Let me know what you hear. I'm curious. |
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some waygug-in
Joined: 25 Jan 2003
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| Posted: Sun Jan 15, 2006 4:35 pm Post subject: |
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| OiGirl wrote: |
| If I have to declare my "free" Korean housing on my US taxes, I just find it surprising that it is not declared on Korean taxes. |
I'm sorry, I didn't mean to be snarky. I would have to declare this in Canada too. But in Korea we are dealing with employers who don't even give pay slips a lot of the time along with all the other supposed things that we are supposed to get (but don't).
How in the world are we supposed to know the proper tax rate and everything when we don't even get proper pay slips?
I've had 4 employers in Korea so far, only the first one gave pay slips and that employer stopped giving them towards the end of the contract..........so people would be left in the dark as to how much their final pay should be.
This ain't Kansas. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jan 16, 2006 12:29 am Post subject: |
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| rvintage wrote: |
If you go to your local tax office, you can get a print out of what taxes, if any, have been paid in your name.
I know on the tax website it says that a person should pay around 28-30k for taxes, but that is actually an estimate for a person who works for one month.
Korean taxes are calculated annually, not monthly. If you haven't made 15 million won this year, then you should be paying NO taxes. Go to the tax office, I did, and no longer pay taxes and was refunded what I did pay previously. DON'T GET SCREWED ANYMORE!!! |
If you aren't making 15 million won a year, you are being seriously underpaid. I make that much in 6 months. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Mon Jan 16, 2006 12:59 am Post subject: |
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| TheUrbanMyth wrote: |
| rvintage wrote: |
If you go to your local tax office, you can get a print out of what taxes, if any, have been paid in your name.
I know on the tax website it says that a person should pay around 28-30k for taxes, but that is actually an estimate for a person who works for one month.
Korean taxes are calculated annually, not monthly. If you haven't made 15 million won this year, then you should be paying NO taxes. Go to the tax office, I did, and no longer pay taxes and was refunded what I did pay previously. DON'T GET SCREWED ANYMORE!!! |
If you aren't making 15 million won a year, you are being seriously underpaid. I make that much in 6 months. |
rvintage raises an interesting point. Going by tax years, virtually every teacher here would make less than 15 million won in either the year they start or the year they leave. Some would qualify for both.
Thats a fair bit of undue taxes getting deducted. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jan 16, 2006 2:33 am Post subject: |
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| schwa wrote: |
[rvintage raises an interesting point. Going by tax years, virtually every teacher here would make less than 15 million won in either the year they start or the year they leave. Some would qualify for both.
Thats a fair bit of undue taxes getting deducted. |
How do you figure this? At a salary of 2 million won/month you would break the 15 million won at 8 months. And that's without any overtime. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Mon Jan 16, 2006 3:34 am Post subject: |
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| TheUrbanMyth wrote: |
| schwa wrote: |
[rvintage raises an interesting point. Going by tax years, virtually every teacher here would make less than 15 million won in either the year they start or the year they leave. Some would qualify for both.
Thats a fair bit of undue taxes getting deducted. |
How do you figure this? At a salary of 2 million won/month you would break the 15 million won at 8 months. And that's without any overtime. |
So you work 3 or 5 or 7 months of the tax year @ 2 million, & youre under the ceiling. At the beginning or end of your contract. Whats not to get? Your income isnt extrapolated over the year. |
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