Korean Job Discussion Forums

[alphalfa]

Has anyone completed the 'year end tax settlement ' process for 2008, yet?

I am aware of the 'sticky' found in the job-related discussion forum. I took a few minutes to preview the info on the national tax service site but have yet (a) to personally calculate the year end tax settlement (b) to receive any notification from the public school administration regarding this tax issue.

I worked at a different public school for the first two months of 2008 - a contract beginning on March 2nd 2007 and ending on March 2nd 2008. I am approaching the end of my one year contract [ending on March 2nd] at my current public school. Am wondering..
~ should the 'year end tax settlement ' issue be resolved prior to beginning a one year contract extension in March?
~ how soon after filing for the 'year end tax settlement does the employee[me] receive payment-* if the calculations indicate I should receive it-*

Thanks in advance for any insights you may have re: my inquiry.

alphalfa

[sjk1128]

It's all running about a month late this year, so year-end tax settlements should be completed now and our payments should arrive in the Feb-March pay cycle.

Our accountant asked me for my information 2 or 3 weeks ago. You have to turn in your Korean credit card and debit card statements for a deduction. Large medical expenses are also deductible, etc. You can take a look at the calculator and fill in all your personal numbers to see how it works out. For teachers, always choose the 30% reduction in taxable income because it's much better than the flat 17% rate!!!! If you click on the link below, it should take you to this year's calculator. If not, the calculator is located in the yellowish bar over to the right of the nts website:
http://www.nts.go.kr/eng/help/help_53.asp?top_code=H001&sub_code=HS05&ssub_code=HSE3

This year, I neither owe nor am due back more than 50k won - depending on whether she includes my other job's income or not, so I don't really care what she does. She wisely only took out 16,000 per month so we were about even at the end of the year.

Good luck!

[bassexpander]

I got over 1.5 million back because of the screwy way our school does taxes. I've been complaining to get it fixed.

I earned almost 6 million last month (because of regular pay plus winter school) and I got taxed at over 10 percent. That took a big chunk out of my pay, which I get back at the end of the year, but it's still upsetting.

They say that's the only way they can figure to do it, according to Korean tax law as they know, but I beg to differ. They were checking into it. I know they're not trying to screw with me -- a Korean professor mentioned he overheard their conversation and what they said after I left the office. A lot of this waygook stuff is new to school offices.

With that said, the secretary pulled up my pay for the month in a list along side about 30 other real professors here, and the pay ranges were between 4 million and 10 million per month -- with the bulk of them around 5 to 6 million.

We really don't make much money.