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aquarian
Joined: 11 Dec 2007
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 Posted: Mon Dec 17, 2007 7:35 pm Post subject: 10% Tax on 2.4 million, too high? |
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| I am new to this and when doing my research I have seen that tax is normally set at around 3.3%. If I am earning 2.4 million a month, is 10% tax too high? Otherwise, the position sounds good with 6 week's holidays a year. |
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chevro1et
Joined: 01 Feb 2007
Location: Busan, ROK
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| Posted: Mon Dec 17, 2007 7:45 pm Post subject: |
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Yep, you're right. 10% is too high. Check this page for what your deduction should be... click on the 'Check Your Monthly Withholding Tax' button on the left to access the calculator.
http://nts.go.kr/eng/default.html |
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latinthrilla
Joined: 10 Feb 2006
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| Posted: Mon Dec 17, 2007 7:55 pm Post subject: |
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Check if they are just adding everything together. If the tax rate is 3.3 and the pension is 4.5 you're up to 7.8%. Then you should be paying into the health care thing which is about 50 bucks a month depending if it's a private or public plan. I'm not sure where the other 2% are coming from. Get a break down of the tax to make sure they didn't just lump everything
together. Remember that if you are from one of the selected countries you get back 9% of pension when you leave too. Hope it helps. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Wed Dec 19, 2007 1:21 am Post subject: |
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| latinthrilla wrote: |
Check if they are just adding everything together. If the tax rate is 3.3 and the pension is 4.5 you're up to 7.8%. Then you should be paying into the health care thing which is about 50 bucks a month depending if it's a private or public plan. I'm not sure where the other 2% are coming from. Get a break down of the tax to make sure they didn't just lump everything
together. Remember that if you are from one of the selected countries you get back 9% of pension when you leave too. Hope it helps. |
My understanding is 3.3% is withholding tax FOR A BUSINESS. If your employer is withholding 3.3% then legally they do do not need to pay pension or health insurance AND they don't because you are a contractor! If your employer is withholding 3.3% on less than 2.7 million insist on the tax withheld certificate monthly so you can get your annual refund. Tax is fair in Korea earn little pay little! The NTS website link above is the correct but remember to add your rent to your income if housing is supplied! |
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