Korean Job Discussion Forums

[Sincinnatislink]

I remember reading awhile back about a website, in Korean, that gives a calculator for monthly income tax.

I'm negotiating with a new employer who wants to withhold 5% of my income, BESIDES pension and health insurance, and tells me to file an income tax return to get the difference between 5% and my actual tax rate.
I know that's poppycock.

Can somebody link me up?

[ttompatz]

[Sincinnatislink]

Thanks!
Any advice for language surrounding income tax in a contract? I don't want them to have free reign to tax me 5% a month, but I understand that my *severance* will put me up quite a few brackets.

[jellobean]

How about adding up your total salary, dividing it by 12 and then entering it in the calculator. Take the result and figure out what percent it is of the number your originally entered. It may not be exact but it should be close.

Also, as long as they actually give it to the tax office you can get it back. Even if they don't, as long as you have pay stubs to show the tax office they will hunt them down and make them pay. At least my tax office did.

[Sincinnatislink]

. . . so if I can confirm pension and health insurance and so on, I should be fine?

Is the income tax return process strictly in Korean? How does one go about getting that money back?

[jellobean]

Good employers (or perhaps legitimate) do it for you. They are required to do an end of year tax settlement and return to you anything that is more than you owe. Of course, I've never seen a hagwon do it.

Take your pay stub down to the tax office and say tax 200X. Eventually someone will figure out what you want. Or take a Korean speaking friend. It shouldn't take them more than about 10 minutes if your boss submitted the taxes.

Make sure to double check if the amount submitted is the same as the amount withheld.

[Sincinnatislink]

Thanks all. My potential employer is bringing up filing an income tax return during the interview process, so I'm feeling pretty confident. When is tax time here?