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Korean Job Discussion Forums
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PGF
Joined: 27 Nov 2006
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 Posted: Sun Dec 09, 2007 12:00 am Post subject: Severance: Taxable? - due with last pay check? |
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Sorry, could not find it in the search. And, I need to figure out if my employer can tax my severance
I finish on the 31st of December, but payday is the 28th.
I'm preparing a last month "invoice" for my boss:
December pay due on 28th (minus taxes, health care, pension)= XXXXXXXXX Won
Severence for completing my contract = XXXXXXXXXXXX won
Airplane ticket to my home city or 500,000 won
I do not really want a airline ticket. If he buys one to my city, it will cost him over 1 million.
Total due December 28th = XXXXXXXXXXXXX Won
Also, if I do not receive the severance on the 28th, I need to contact the labor board that day, right? |
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garykasparov
Joined: 27 May 2007
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| Posted: Sun Dec 09, 2007 12:20 am Post subject: Re: Severance: Taxable? - due with last pay check? |
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| If you resign before completing your contract, then you will not be eligible for severance. The labor board will rule in the favor of your boss. |
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PGF
Joined: 27 Nov 2006
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| Posted: Sun Dec 09, 2007 12:31 am Post subject: |
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My last work day is the 31st. Is severence due on the 31st or on my last payday, the 28th?
I'm not quitting. I am completing a contract.
is it taxable?
Basically, he is getting one day of work out of me for free on the 31st. |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Sun Dec 09, 2007 12:37 am Post subject: |
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Severance pay is income...taxable income.
There should be only income tax deducted from your severance.
As for paying the severance on payday or the last working day, check your contract. According to the Labor Standards Act, your boss has two weeks to pony up the money.
Cheers |
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PGF
Joined: 27 Nov 2006
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| Posted: Sun Dec 09, 2007 12:51 am Post subject: |
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| prairieboy wrote: |
Severance pay is income...taxable income.
There should be only income tax deducted from your severance.
As for paying the severance on payday or the last working day, check your contract. According to the Labor Standards Act, your boss has two weeks to pony up the money.
Cheers |
two weeks? )-: Shiyte
OKay, thanks. Only income tax. thanks.
*sigh.
all I needed to know. |
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garykasparov
Joined: 27 May 2007
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| Posted: Sun Dec 09, 2007 1:02 am Post subject: |
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| PGF wrote: |
My last work day is the 31st. Is severence due on the 31st or on my last payday, the 28th?
I'm not quitting. I am completing a contract.
is it taxable?
Basically, he is getting one day of work out of me for free on the 31st. |
I'm sorry, I read into your original topic wrong. Your employer could pay you past fourteen (14) days of your contract if he or she wanted to. There are several hagwon employers, if not all, that pay teachers upon completion of their contracts term. Severance pay is the average of the last three months wages including overtime wages. So, your employer should deduct only income tax from your severance pay. |
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PGF
Joined: 27 Nov 2006
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| Posted: Sun Dec 09, 2007 1:13 am Post subject: |
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| garykasparov wrote: |
| PGF wrote: |
My last work day is the 31st. Is severence due on the 31st or on my last payday, the 28th?
I'm not quitting. I am completing a contract.
is it taxable?
Basically, he is getting one day of work out of me for free on the 31st. |
I'm sorry, I read into your original topic wrong. Your employer could pay you past fourteen (14) days of your contract if he or she wanted to. There are several hagwon employers, if not all, that pay teachers upon completion of their contracts term. Severance pay is the average of the last three months wages including overtime wages. So, your employer should deduct only income tax from your severance pay. |
Well, the last guy got his after his last day.....something about making sure his apartment was clean, etc....
I'm planning on moving out of my officetel before on the 22nd, having a maid clean and sanitize it, etc., in order to avoid a post 28th pay.
He's been late paying us maybe three times in the last year. One was when he had to cough up his taxes, one was when he was paying to open a clinic for his wife, and one was when the last FT left.
He'll owe me close to 5 million, so my arse cheeks are clenched awaiting my pay. The 5 mil is paying for my wedding and part of my honeymoon.
These last three weeks are being filled with all kinds of extra work- not teaching- because the middle schoolers are out for tests..... What a pain, but I'm free the entire month of January and my next hagwon is actually a good place. can't wait to start with her (after the month vacation of course). |
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