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driftingfocus
Joined: 08 Feb 2007
Location: Boston, MA
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 Posted: Sun Nov 02, 2008 2:52 pm Post subject: Tax Question |
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| Does anyone know what my tax percentage should be if I'm earning 2.6? Something seems fishy with my paycheck. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Sun Nov 02, 2008 5:08 pm Post subject: It depends |
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The percentage on that amount is 3.3%, at least that's what I've heard.
How long have you been here? Are you in your first two years? I'm curious about your situation, as I'm still in my exemption period and am having tax deducted from my salary. I have to provide a 'certificate of residency' before the deductions will stop. This makes me wonder if I'll ever be able to get a refund without the COR. Getting info on this issue here is like pulling teeth. |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Sun Nov 02, 2008 5:26 pm Post subject: |
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Why not just call the tax office. To check your rate, use the calculator provided by the National Tax Service: Calculator.
National Tax Service Homepage
The 3.3% is the independent contractor rate. |
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driftingfocus
Joined: 08 Feb 2007
Location: Boston, MA
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| Posted: Mon Nov 03, 2008 5:23 pm Post subject: Re: It depends |
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| Tobias wrote: |
The percentage on that amount is 3.3%, at least that's what I've heard.
How long have you been here? Are you in your first two years? I'm curious about your situation, as I'm still in my exemption period and am having tax deducted from my salary. I have to provide a 'certificate of residency' before the deductions will stop. This makes me wonder if I'll ever be able to get a refund without the COR. Getting info on this issue here is like pulling teeth. |
I was told I can only get my taxes back at the end, once I leave. And yes, I'm within two years - only 6 months here. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Nov 03, 2008 5:54 pm Post subject: Re: Tax Question |
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| driftingfocus wrote: |
| Does anyone know what my tax percentage should be if I'm earning 2.6? Something seems fishy with my paycheck. |
As a single person with no dependents in Korea you should be paying w75,100 on a salary of 2.6 million (as per the tax tables AND the tax calculator on the NTS website).
Works out to ~2.88%.
It should be lower in your 2nd year since there is a 30% reduction in your taxable income based on the previous year's tax return.
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Tobias
Joined: 02 Jun 2008
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| Posted: Mon Nov 03, 2008 7:27 pm Post subject: With this or without this? |
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| driftingfocus wrote: |
...
I was told I can only get my taxes back at the end, once I leave..... |
I was told this too, but I was also told three different other 'facts' that were/are mutually exclusive.
Now. Do I need that certificate of residency to get my refund or not? Should I call the tax office in Seoul? |
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kiwiluvesyew
Joined: 29 Apr 2008
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| Posted: Tue Nov 04, 2008 2:25 am Post subject: Re: With this or without this? |
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[quote="Tobias"]
| driftingfocus wrote: |
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Now. Do I need that certificate of residency to get my refund or not? Should I call the tax office in Seoul? |
Good question. |
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