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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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 Posted: Sun May 28, 2006 7:49 pm Post subject: Severance?????? |
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| Ok, I'm coming to the end of my third contract. My first two were for Hogwon's and when they gave me my severance they just gave me 2.0mil in cash. Now my third contract is with a public high school and they are saying that I have to pay tax and pension on my severance so I will end up getting 1.8ish. Whats going on here? Have the rules changed? Is this normal? Anyone else know the law or tradition, please let me know. |
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Ekuboko
Joined: 22 Dec 2004
Location: ex-Gyeonggi
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| Posted: Sun May 28, 2006 7:51 pm Post subject: |
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| I work for a public school and I did not get taxed or anything deducted off my severance last September. |
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jinju
Joined: 22 Jan 2006
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| Posted: Sun May 28, 2006 7:52 pm Post subject: |
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| Your school is paying taxes, which is correct. Your hagwons were tax evaders, which was kinda gay as its illegal. Money you make is subject to tax, including your severance. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Sun May 28, 2006 7:55 pm Post subject: |
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| Two mixed opinions, god I love Korea and how ignorant we seem to be. |
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Ekuboko
Joined: 22 Dec 2004
Location: ex-Gyeonggi
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| Posted: Sun May 28, 2006 8:26 pm Post subject: |
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| Well, I don't pay tax on what I earn right now because of my country and Korea's dual tax agreement or whatever it is, so maybe that is why I wasn't taxed. |
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jacl
Joined: 31 Oct 2005
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| Posted: Sun May 28, 2006 8:29 pm Post subject: |
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| Severence has a different tax then your regular income tax. Pension should not be deducted from your severence. |
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harryh
Joined: 16 Jan 2003
Location: south of Seoul
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| Posted: Sun May 28, 2006 8:46 pm Post subject: |
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What is the correct rate of tax on severance?
At my first hogwan I was taxed 88,000 won on 1,800,000 won.
At my second hagwon I was taxed 305,000 won on income of 1,900,000 won.
Does anybody know exactly what the deductions should be on 2,000,000 won?
Any experiences? |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Sun May 28, 2006 11:14 pm Post subject: |
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| Harryh you were getting ripped off. I posted the question because they are taking 79,000 from my 2.0mil, but over 300 is the school ripping you off. Sorry brother or sister. |
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oldfatfarang
Joined: 19 May 2005
Location: On the road to somewhere.
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| Posted: Mon May 29, 2006 12:42 am Post subject: |
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Income tax on 2 mil is 1.6% (32,000 won per month). That's 1.968,000 net salary (cash in hand).
Check out the Korean National Tax Office Website (on previous posts).
You are definately being way over taxed. |
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jacl
Joined: 31 Oct 2005
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| Posted: Mon May 29, 2006 2:50 am Post subject: |
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| rainbowtrout wrote: |
Income tax on 2 mil is 1.6% (32,000 won per month). That's 1.968,000 net salary (cash in hand).
Check out the Korean National Tax Office Website (on previous posts).
You are definately being way over taxed. |
The tax on severence is not the same as the income tax. It's actually more, but still not too much. I don't have the exact figures right now. Some employers may just charge the regular income tax which is better for you if he's been deducting taxes properly in the first place and since severence tax is higher. |
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