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freethought
Joined: 13 Mar 2005
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 Posted: Mon Jul 24, 2006 5:53 am Post subject: 2.3 million MINUS tax, pension etc =how much??? |
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I'm heading over in about a month to work at a public school. I'll be getting 2.3 million, but I was wondering how much will be left after the taxes, pension and everything else comes off.
I was in Korea before, but my school went belly up and I KNOW they didn't enlist me in healthcare, so I'm not entirely sure what I'm looking at with this 2.3 million. |
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jacl
Joined: 31 Oct 2005
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| Posted: Mon Jul 24, 2006 6:14 am Post subject: |
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Income tax: 49,330
Resident tax: 4,933
Health: 51,070
Pension: 103,500
Total Deductions: 208,833
Gross Pay: 2,300,000
Net Pay: 2,091,167
This is your minimum net. The employer might not deduct the resident tax. Mine doesn't, but he's probably not forwarding taxes to the tax office.
If you're from Canada or the US, you get the 103,500 pension and your employers matched contribution back when you leave Korea. Mean you're really clearing 2,298,167. A whopping 1,833 Won off of your 2.3 million. If the boss isn't taking out the resident tax of 4,933 then you're actually making more than your salary (+1300 Won). |
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Grotto
Joined: 21 Mar 2004
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| Posted: Mon Jul 24, 2006 8:23 am Post subject: |
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spot on Jacl!
You might want to add on the lunch fee some public schools charge their teachers. It was quite cheap about 15,000 a month if I recall correctly? |
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austinfd
Joined: 14 May 2006
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| Posted: Mon Jul 24, 2006 3:59 pm Post subject: |
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| jacl wrote: |
Income tax: 49,330
Resident tax: 4,933
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I'm also going to Seoul in a month and will have the same salary..freethought, are you working with SMOE?
Anyway, I understand that only Canadians pay the income tax.....so you could net a lot more than jaci's calculation.... |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Mon Jul 24, 2006 6:57 pm Post subject: |
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| austinfd wrote: |
| Anyway, I understand that only Canadians pay the income tax.....so you could net a lot more than jaci's calculation.... |
Wrong, everyone pays the income tax if they are legal. Or rather everyone should be paying income tax, it's mandatory.
KPRROK |
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austinfd
Joined: 14 May 2006
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| Posted: Mon Jul 24, 2006 7:03 pm Post subject: |
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I hate to disagree, and I'll admit, I'm haven't done any of this yet, but:
http://www.eslcafe.com/forums/korea/viewtopic.php?t=61682&highlight=TAXES
This member cites the same contract I have (SMOE, so no, its not some back alley hagwon come-on)
The thread goes on to talk about paying in the home country...i'm not worried about that....i am under the distinct impression that you can work for two years in Korea tax free...... |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jul 24, 2006 7:14 pm Post subject: |
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| kprrok wrote: |
| austinfd wrote: |
| Anyway, I understand that only Canadians pay the income tax.....so you could net a lot more than jaci's calculation.... |
Wrong, everyone pays the income tax if they are legal. Or rather everyone should be paying income tax, it's mandatory.
KPRROK |
No. The GEPIK contract states that ONLY Canadians have to pay. Other nationalities are exempt for the first two years. |
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rawiri
Joined: 01 Jun 2003
Location: Lovely day for a fire drill.
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| Posted: Tue Jul 25, 2006 12:21 am Post subject: |
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Hey TUM,
I'm with GEPIK and the accountant at our school says i have to pay about 95 000 a month toward the pension scheme. I'm from New Zealand and can't get any of the money back right?, so do i have to pay or what? He's adamant I do but i'm not so sure.
Actually he wants me to pay for three months out of this pay month, and with having to pay the 300 000 deposit money plus other small things thatr add up i'm looking at only getting maybe 1.4 for this month.
BBBBAAAAAAAHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
Let me know what you think. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Tue Jul 25, 2006 3:08 am Post subject: |
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If you are an American working at a public school you can get a certificate of residency from the IRS sent to your school. This will exempt you from Korean taxes.
As long as you don't make over 70,000-80,000 a year (it just changed I think so I can't remember for sure), you won't pay US taxes either. You do have to file however. |
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freethought
Joined: 13 Mar 2005
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| Posted: Tue Jul 25, 2006 4:55 am Post subject: |
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Thanks for the info, and it seems I was not alone in knowing what was going on.
Out of curiosity, how many of the public school people have to pay this redick 300,000 deposit every month???? |
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billinkorea
Joined: 13 Jun 2005
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| Posted: Tue Jul 25, 2006 5:27 am Post subject: |
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| freethought wrote: |
Thanks for the info, and it seems I was not alone in knowing what was going on.
Out of curiosity, how many of the public school people have to pay this redick 300,000 deposit every month???? |
The 300,000 deposit is only for 3 mths, when you think about it its not that crazy given you are moving into an apartment rented for you. I know in the UK/Aus there is no way you could move into an apartment without paying a deposit. Yes its a bit different when its part of the job package but really when you consider the number of people who dont fullfill their contracts its not surprising that they make an effort to protect themselves. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Wed Aug 02, 2006 2:51 am Post subject: |
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| TheUrbanMyth wrote: |
| kprrok wrote: |
| austinfd wrote: |
| Anyway, I understand that only Canadians pay the income tax.....so you could net a lot more than jaci's calculation.... |
Wrong, everyone pays the income tax if they are legal. Or rather everyone should be paying income tax, it's mandatory.
KPRROK |
No. The GEPIK contract states that ONLY Canadians have to pay. Other nationalities are exempt for the first two years. |
Thanks for pointing that out. I had completely overlooked that when I was answering this one. I stand corrected.
KPRROK |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Wed Aug 02, 2006 2:55 am Post subject: |
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| rawiri wrote: |
Hey TUM,
I'm with GEPIK and the accountant at our school says i have to pay about 95 000 a month toward the pension scheme. I'm from New Zealand and can't get any of the money back right?, so do i have to pay or what? He's adamant I do but i'm not so sure.
Actually he wants me to pay for three months out of this pay month, and with having to pay the 300 000 deposit money plus other small things thatr add up i'm looking at only getting maybe 1.4 for this month.
BBBBAAAAAAAHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
Let me know what you think. |
As far as I know, and I may be wrong as I'm American and don't know how it realtes to other nationalities, you do have to pay into the Pension, even if you can't get it back. I've got a friend here from NZ who has to pay into it, and I know he isn't getting it back. But, I think he told me that he gets some sort of credit back home or something. I honestly didn't listen that closely.
On the other hand, you shouldn't have to pay 3 months at one time. It should be deducted monthly. Now, if you haven't paid until now and you have to pay a back-payment, it could be 3 months, but you weren't very specific. Pension is paid to the gov't monthly, but insurance is paid every 3 months. Maybe this is where your school is getting the 3 month thing.
KPRROK |
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jacl
Joined: 31 Oct 2005
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| Posted: Wed Aug 02, 2006 2:56 am Post subject: |
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| I'm not positive, but it may make a difference if you're working for the government. I'm not sure you can be tax-exempt for those first 2 years if you are working for a hagwon. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Aug 02, 2006 3:32 am Post subject: |
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| jacl wrote: |
| I'm not positive, but it may make a difference if you're working for the government. I'm not sure you can be tax-exempt for those first 2 years if you are working for a hagwon. |
You are correct. If you are working for a public school office of education or a PUBLIC university then you can be exempt from income tax for up to 2 years.
Caveats are that you can only be exempt for the 1st two years that you are in Korea and you must be considered resident in your home country. If this is your 3rd year in Korea then you are no longer exempt.
IF you work for a hakwon or other NON-government job then you are also NOT exempted. You will have to pay taxes. |
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