Wildbore
Joined: 17 Jun 2009
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 Posted: Tue Feb 26, 2013 10:22 pm Post subject: Re: h |
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| Deja wrote: |
| nicwr2002 wrote: |
| So, if i'm paying almost 80,000 in income taxes, then am I paying too much? I checked the website, but couldn't really understand what was going on. I checked another website and it said 6%? Does anyone know exactly? |
http://www.nts.go.kr/eng/
http://www.nts.go.kr/inc/download.asp?file_url=/eng/data/Individual_Income_Tax_2012.pdf&file_nm=Individual_Income_Tax_2012.pdf
6% is the income tax, and up depending on level of income. Before tax deductions...
Unless you opted for the flat tax.
3.3% is the withholding tax, which AFAIK is related to korean-sourced income that is not paid in Korea (I am paying this tax, since I work in Korea, but am sent by my company and am not directly paid by a Korean company). I don't think it applies to ESL teachers at all? |
3.3% is the contractor withholding tax. ESL teachers can have this withheld if they are registered as contractors. They may also be registered as employees, in which case the withholding rate is lower, but pension and health tax are levied. And as an employee, the tax return is done through the employer, not independently.
A contractor will file a tax return independently to get some money back. |
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