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Korean Job Discussion Forums
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Ms.G
Joined: 03 Mar 2008
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 Posted: Tue Jul 08, 2008 5:20 pm Post subject: taxed airfare and pension questions |
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Thanks so much to all who replied to my first thread. Your help is greatly appreciated by a newbie!
I spoke with the school accountant and my high rate of income tax was due to my flight cost being taxed as well as the salary. I believe I've seen that flights are taxable benefits on this board, if anyone could confirm that it would be great.
However, there is another problem with pension... they are deducting less than 4.5%. As an American, I want the full pension! Is it legal to deduct and contribute less than 4.5%? I work for a large hagwon chain and apparently this is company policy. Any info and links would be much appreciated! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 08, 2008 8:18 pm Post subject: Re: taxed airfare and pension questions |
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| Ms.G wrote: |
Thanks so much to all who replied to my first thread. Your help is greatly appreciated by a newbie!
I spoke with the school accountant and my high rate of income tax was due to my flight cost being taxed as well as the salary. I believe I've seen that flights are taxable benefits on this board, if anyone could confirm that it would be great.
However, there is another problem with pension... they are deducting less than 4.5%. As an American, I want the full pension! Is it legal to deduct and contribute less than 4.5%? I work for a large hagwon chain and apparently this is company policy. Any info and links would be much appreciated! |
Airfare is NOT a taxable benefit. (contact the foreign tax advocate on the NTS website).
Pension in your FIRST year is 4.5% each. In subsequent years it is reduced because your taxable income is reduced by about 30% (the first 30% is deducted from your gross before tax is calculated). Your taxable income is also reduced by the same amount.
contact the pension office for clarification (especially if you are in your first year there - they may be under-reporting your income to avoid paying the tax, (even though they collect it from you), extra pension and medical premiums (again, even though they collect it from you.)
This is a fairly common way for a sleazy hakwon chain to get you to pay 100% of your premiums (even though it is illegal).
Glad I'm not you.
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