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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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 Posted: Tue Oct 26, 2010 2:42 am Post subject: Paycheck Deductions |
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So, I'm on a new contract with EPIK and I got my first paycheck today, which I had hoped was going to be significantly more substantial than the last; however, despite now receiving the 400'000 won housing allowance, the deductions have increased by somewhere between 50 and 100% and I've ended up only receiving approximately 300'000 more than I was last year.
How does a 400'000 won increase in pay result in a 5-10% increase in deductions? Did I hit a new tax bracket or something? |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Tue Oct 26, 2010 3:01 am Post subject: |
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Check that...
I just re-checked the numbers and I'm actually only getting 50'000won more than I was last year. My deductions have increased 4X, from 5% to 20% of my entire paycheck. They also began taxing my bonuses, which I knew they were going to do, but it still should not have resulted in this much increase in deduction. Something's fishy. |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Tue Oct 26, 2010 3:21 pm Post subject: |
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OK, everything's figured out. They wrote me a Korean-only email a while back explaining the taxing of my bonuses and how much I was making total. Only it turns out they're only taxing my multiple school and rural bonus and not the housing allowance, which will arrive on a different date than my paycheck. So I'm making more than I'd thought I would be.  |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Tue Oct 26, 2010 3:59 pm Post subject: |
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| Glad to see that it worked out for you. |
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