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bbrousseau
Joined: 03 Jan 2008
Location: Canada
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 Posted: Fri Apr 04, 2008 1:48 am Post subject: Pension |
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I'm getting my school to start paying half of my pension contributions but they started to tell me that I would have to pay 2.55% national health care (I know this is true) but they said that I will also have to pay 0.45% Employment Insurance and my tax rate will go up to 4%. I've never heard of that before.
I paid pension at my last school but didn't have to pay the EI and my tax rate was still 3.3%.
My school has been pretty honest so far but I'm wondering if they are just trying to discourage me from doing it.
Any advice |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 04, 2008 2:21 am Post subject: Re: Pension |
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| bbrousseau wrote: |
I'm getting my school to start paying half of my pension contributions but they started to tell me that I would have to pay 2.55% national health care (I know this is true) but they said that I will also have to pay 0.45% Employment Insurance and my tax rate will go up to 4%. I've never heard of that before.
I paid pension at my last school but didn't have to pay the EI and my tax rate was still 3.3%.
My school has been pretty honest so far but I'm wondering if they are just trying to discourage me from doing it.
Any advice |
medical is 5.08% of your salary (split 50/50 with your employer).
pension is 9% of your salary (split 50/50 with your employer).
AS an E2 employee you are EXEMPT from paying employment insurance.
(if you are on an F-visa you should be paying).
tax rate is dependent on your salary but works out to ~1.7% on a salary of 2.2 million.
http://www.nts.go.kr/eng/
tax with-holding calculator is in the quick viewer service sub menu:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
You can also call them at: 02-397-1440 |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Fri Apr 04, 2008 3:28 am Post subject: |
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And payments into health and pension are actually deductibles. Means you owe less taxes.
So you're getting screwed now and, with that 3.3% at your last job, you were getting screwed then.
And they probably aren't remitting your taxes anyway.
Korean Farting. |
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