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elvira
Joined: 03 Feb 2007
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 Posted: Tue Dec 08, 2009 3:25 am Post subject: how much tax should I be paying and other questions |
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Hi
I'm currently working at a Hagwon in Icheon, Gyeonggi- do. My director deducts 5% tax from my salary every month- which works out to w110000 per month...is this the going rate? I checked on the NTS site, and the flat rate is 17% but that's on annual salary, right? I would like to know what my tax rate should be on a salary of 2.2mil won.
Also My contract states that if I voluntarily resign within 12 months, I am liable to reimburse my airfare to Korea... I think my director will use this as leverage should I want to leave to go to another school. Is this allowed?
I apologise if this has been covered by the forum- I could find the information I needed using the search function.
I appreciate any help. thanks |
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Savant
Joined: 25 May 2007
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| Posted: Tue Dec 08, 2009 4:18 am Post subject: |
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Check here for the correct rates:
http://www.nts.go.kr/eng/help/help_52.asp
On a salary of 2.2 million, you should be paying 29,090 in tax.
Sadly, your boss is likely pocketing most of the tax that he/she takes from you.
Are you provided with a pay slip? If not, demand one.
You don't say how long you have currently been at your Hagwon?
If you want to leave while holding some leverage then you can threaten your director with a call to the Tax Office.
Or you can just take a hit on the loss from tax and pull a runner.
Personally, I would only have signed a contract which states that I do not have to reimburse the employer the cost of my initial airfare if I work there over 6 months. |
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elvira
Joined: 03 Feb 2007
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| Posted: Tue Dec 08, 2009 4:45 am Post subject: |
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Thanks for your help. I will have to go and speak to my boss and find a way to fight this blatant extortion...
All I ask myself is how did I get into this situation. I usually check my contracts in detail but this time I was not as attentive I guess. I've been at this hagwon for almost four months now....this is my second contract in Korea... |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Dec 08, 2009 7:38 am Post subject: Re: how much tax should I be paying and other questions |
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| elvira wrote: |
Hi
I'm currently working at a Hagwon in Icheon, Gyeonggi- do. My director deducts 5% tax from my salary every month- which works out to w110000 per month...is this the going rate? I checked on the NTS site, and the flat rate is 17% but that's on annual salary, right? I would like to know what my tax rate should be on a salary of 2.2mil won.
Also My contract states that if I voluntarily resign within 12 months, I am liable to reimburse my airfare to Korea... I think my director will use this as leverage should I want to leave to go to another school. Is this allowed?
I apologise if this has been covered by the forum- I could find the information I needed using the search function.
I appreciate any help. thanks |
More info needed:
What about pension and health insurance, are they being deducted?
How much?
Do you have your E2 visa and Alien Registration Card (ARC)? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Tue Dec 08, 2009 9:55 am Post subject: Re: how much tax should I be paying and other questions |
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| elvira wrote: |
Hi
I'm currently working at a Hagwon in Icheon, Gyeonggi- do. My director deducts 5% tax from my salary every month- which works out to w110000 per month...is this the going rate? I checked on the NTS site, and the flat rate is 17% but that's on annual salary, right? I would like to know what my tax rate should be on a salary of 2.2mil won.
Also My contract states that if I voluntarily resign within 12 months, I am liable to reimburse my airfare to Korea... I think my director will use this as leverage should I want to leave to go to another school. Is this allowed?
I apologize if this has been covered by the forum- I could find the information I needed using the search function.
I appreciate any help. thanks |
As others have said, you should be paying into income tax, resident tax(not mentioned), pension, and health.
http://www.nts.go.kr/eng/help/help_52.asp
On 2.2 mil, it's 29,090 for income tax plus 2,909 for resident tax.
http://npc.or.kr/jsppage/english/scheme/scheme_02.jsp
On 2.2 mil, it's 99,000 for you and the same for your boss for pension.
http://www.nhic.or.kr/eng/
5.08% currently?
If so, then you and your boss are both supposed to contribute 55,880 for health.
Your total monthly contributions should be around 186,879won on a 2.2 mil salary. |
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elvira
Joined: 03 Feb 2007
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| Posted: Wed Dec 09, 2009 3:51 am Post subject: |
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I am not paying medical,neither is my boss...I am South African and we don't need to pay into the Pension scheme, some bilateral agreement between SA and SK. As far as I know I am only being taxed at this point. Further clarity is needed but my boss is very sketchy about these things. I have my E2 visa and ARC.
I've been advised to visit the tax office and have them audit me and then they will uncover whether or not I am being ripped off...
Will it be advisable to go to my boss at this stage and have him clarify the tax issue before heading to the tax office, or will I be putting myself in a position to be ostracised and worse being fired?? |
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