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ghost
Joined: 06 Dec 2006
Location: Many congenial places
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 Posted: Sun Dec 10, 2006 2:14 pm Post subject: How much does Korea retain in taxes from the salary? |
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If a teacher is offered around 2.5 million per month, how much will be retained in taxes by the Korean system? What will the net income be, and how easy is it to open a Korean bank account?
Thanks for the feedback.
ghost |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Dec 10, 2006 2:37 pm Post subject: Re: How much does Korea retain in taxes from the salary? |
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| ghost wrote: |
If a teacher is offered around 2.5 million per month, how much will be retained in taxes by the Korean system? What will the net income be, and how easy is it to open a Korean bank account?
Thanks for the feedback.
ghost |
Korea has a progressive tax system that is similar to the west. Check the tax department web guide for specific amounts. A single person earning 2.5 mil should pay about 71k.
http://www.nts.go.kr/eng/default.html
Under the tab labeled "GUIDE" look for the link that says "check monthly witholding tax". Your income is 2500 thousand won.
It is VERY easy to open an account. You may need a translator to assist you. If you don't have a translator then most of the large banks have telephone translators in their customer service departments that can help. |
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Missile Command Kid
Joined: 17 Jul 2006
Location: Daegu
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| Posted: Sun Dec 10, 2006 4:32 pm Post subject: |
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| Keep in mind that if you're married and/or have kids, that amount of tax goes down significantly. |
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melbournegirl
Joined: 06 Dec 2005
Location: Bundang
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| Posted: Mon Dec 11, 2006 7:05 pm Post subject: tax exemption |
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| Depending upon which country you come from you may be eligible for a tax exemption. www.nts.go.kr |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Mon Dec 11, 2006 8:14 pm Post subject: |
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| So do your wife and kid have to be in this country to claim them as a deduction? Or can they be elsewhere as mine are? |
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