| View previous topic :: View next topic |
| Author |
Message |
Thewhiteyalbum
Joined: 13 Nov 2008
|
 Posted: Thu Feb 05, 2009 1:59 am Post subject: help settle an argument pleeeasse! |
 |
|
Hi, can anyone settle an argument between me and my g.f..
How much tax should you pay per month?
This is our first year working here and we are kiwi's.
Cheers |
|
| Back to top |
|
 |
Biblethumper
Joined: 15 Dec 2007
Location: Busan, Korea
|
| Posted: Thu Feb 05, 2009 2:03 am Post subject: |
|
|
I cannot answer your question, but I can end your argument.
Render unto Caesar that which Caesar's, and render to God that which is God's. |
|
| Back to top |
|
|
moosehead
Joined: 05 May 2007
|
| Posted: Thu Feb 05, 2009 2:09 am Post subject: |
|
|
| Biblethumper wrote: |
I cannot answer your question, but I can end your argument.
Render unto Caesar that which Caesar's, and render to God that which is God's. |
splif leaves
kentucky4 leaves
this is what we've got ???
thank god I'm leaving (but not soon enough!) |
|
| Back to top |
|
|
Thewhiteyalbum
Joined: 13 Nov 2008
|
| Posted: Thu Feb 05, 2009 2:10 am Post subject: |
|
|
yeah, cheers mate. That'll do it..  |
|
| Back to top |
|
|
ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
|
|
| Back to top |
|
|
ChinaBoy
Joined: 17 Feb 2007
|
| Posted: Thu Feb 05, 2009 4:47 am Post subject: |
|
|
| just say "you're right, dear" and that will stop her yappin' |
|
| Back to top |
|
|
ReeseDog
Joined: 05 Apr 2008
Location: Classified
|
| Posted: Thu Feb 05, 2009 1:21 pm Post subject: |
|
|
| Biblethumper wrote: |
I cannot answer your question, but I can end your argument.
Render unto Caesar that which Caesar's, and render to God that which is God's. |
I'm certain that I read that somewhere.
Oh, that's right. Panda Buffet. Fortune cookie. I remember now. |
|
| Back to top |
|
|
maingman
Joined: 26 Jan 2008
Location: left Korea
|
| Posted: Thu Feb 05, 2009 9:41 pm Post subject: . |
|
|
| Income Tax is taken out of your monthly salary, approximately 3.3% depending on your pay. The income tax deductions will be made in accordance with Korean law; you can expect your income tax rate to be 3.3% (the tax rate is tied to one's income level). Canadian citizens need to pay 2% of salary as income tax in accordance with Korean law. Some countries could apply for income tax exemption: Citizens of 6 countries (US, UK, IR, AU, NZ, SA) could apply for Income Tax Exemption for their first 2 years in Korea. |
|
| Back to top |
|
|
DeLaRed
Joined: 16 Oct 2008
|
| Posted: Thu Feb 05, 2009 11:14 pm Post subject: Re: . |
|
|
| maingman wrote: |
| Income Tax is taken out of your monthly salary, approximately 3.3% depending on your pay. The income tax deductions will be made in accordance with Korean law; you can expect your income tax rate to be 3.3% (the tax rate is tied to one's income level). Canadian citizens need to pay 2% of salary as income tax in accordance with Korean law. Some countries could apply for income tax exemption: Citizens of 6 countries (US, UK, IR, AU, NZ, SA) could apply for Income Tax Exemption for their first 2 years in Korea. |
isnt 3.3% the independent contractor rate? |
|
| Back to top |
|
|
Ut videam
Joined: 07 Dec 2007
Location: Pocheon-si, Gyeonggi-do
|
| Posted: Fri Feb 06, 2009 12:45 am Post subject: |
|
|
| 3.3% is the independent contractor rate, and as it's impossible to be an independent contractor on an E-2, if you're being charged that rate you're getting ripped off. The withholding calculator on the NTS website will tell you what you should be paying monthly. |
|
| Back to top |
|
|
roam177
Joined: 17 Dec 2007
Location: South Korea
|
| Posted: Fri Feb 06, 2009 6:31 am Post subject: |
|
|
| I work at a hagwon and they deduct 3.3% for taxes |
|
| Back to top |
|
|
ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
|
| Posted: Fri Feb 06, 2009 6:46 am Post subject: Re: . |
|
|
| maingman wrote: |
| Income Tax is taken out of your monthly salary, approximately 3.3% depending on your pay. The income tax deductions will be made in accordance with Korean law; you can expect your income tax rate to be 3.3% (the tax rate is tied to one's income level). Canadian citizens need to pay 2% of salary as income tax in accordance with Korean law. Some countries could apply for income tax exemption: Citizens of 6 countries (US, UK, IR, AU, NZ, SA) could apply for Income Tax Exemption for their first 2 years in Korea. |
| UT videam wrote: |
| 3.3% is the independent contractor rate, and as it's impossible to be an independent contractor on an E-2, if you're being charged that rate you're getting ripped off. The withholding calculator on the NTS website will tell you what you should be paying monthly. |
Both of the above are not correct.
If you are working as an "employee" you should have your taxes withheld according to the NTS tax table. Your rate is likely to be in the 2% range, but the tax rates are progressive from zero up to 36%.
Check your withholding here:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
Some teachers may be exempt from paying Korean income taxes for up to two years. This applies to some public school teachers and possibly some university teachers. It is not for hogwan or unigwan teachers.
It IS legal to be an Independent Contractor on an E2 visa. It is quite possible and legal to have different rules and laws for different purposes that seem to be in conflict and impossible. Governments do this all the time all over the world. This is the case in Korea.
It is a "Dave's Legend" that this is not legal. No one has ever shown a law or ruling that bears out this Dave's World urban legend.
If your contract says or implies that you are an employee, then you should not be paying tax as an independent contractor, but according to the NTS site above, and you should have pension and health insurance. For most of us, it is better to be an employee.
Your E2 sponsor would be have to be quite careful in writing your contract to make it clear that you are an independent contractor and he is your sponsor, and that it is not an employer/employee contract, and still satisfy Immigration. It is possible, however. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
