Korean Job Discussion Forums

Paladin Brewer · Joined: 25 Dec 2009

Greets,

I'll be accepting my first teaching job and my first job in Korea, so I am trying to understand all the things I need to do before I go. I am confused on income taxes. I know there is a lot of info here, but I just had a simple question. To I basically choose to pay income taxes in the US OR in Korea (in which case Korea is the better choice), or can I void paying any taxes for the first 2 years? And if so, who do I have to call in the US to get the correct paperwork for this?

the ireland · Joined: 11 May 2008 Location: korea

Paladin Brewer · Joined: 25 Dec 2009

Well it is a public school, luckily Smile

so who do I contact to take care of the paperwork?

hapigokelli · Joined: 04 Aug 2009

Your school accountant should give you a pay stub after every pay period. Keep them and add them up. Or just ask for the info at the end of the year.
File your taxes with a foreign earned income form. (2555)

You can also bring a document from America to prove your residency. I think it's just a copy of your filed taxes from last year. That's what allows you to be exempt from paying Korean taxes.

aweitzm1 · Joined: 23 Mar 2010 Location: Florida

How do you know how much you should be taxed each month. I read that some Hagwon's take out a different percentage of taxes (depending where you teach). I read the sticky in FAQ about taxes and I am still confused.

Any feedback would be great.

tokkibunni8 · Joined: 13 Nov 2009

You will be exempt from paying taxes in Korea for the firs two years, but you have to provide a residency certificate from the states. So, get one before you come here.

Paladin Brewer · Joined: 25 Dec 2009

That's what I was asking, where does one obtain a residency certificate?

matthews_world · Joined: 15 Feb 2003

You still need to file in the U.S. along with Form 2555. Use the 1040 to do this.

From what I recall, there's a residency requirement of 6 months before including overseas wages.

Does that seem right?

It'd be cool if someone could post a link to a template that would show which lines to fill out on the Form 2555.

Ltisme · Joined: 21 Sep 2009

I know we have until June 15 to file, since we are not in the states. Does that deadline also apply to filing for an extension, or does that need to be filed by April 15?

mmstyle · Joined: 17 Apr 2006 Location: wherever

2 month extension is automatic. 6 month one needs to be filed.

Ltisme · Joined: 21 Sep 2009

I realize that. Does it need to be filed by April 15th, or do we have until June 15 to file for the 6 month extension?

mmstyle · Joined: 17 Apr 2006 Location: wherever

Oh, I'm not sure. Good question.

arrangingpieces · Joined: 08 Aug 2009

hey everyone~

i wasn't able to get a residency certificate in time for my first paycheck so i'm not exempt for taxes for the year because of that...

but, can if i have the certificate at the end of the year can i get it refunded?
can't seem to find that answer on the other tax thread...

thanks!