Korean Job Discussion Forums

[Pablo]

Hello

Where can I find online documentation of what the correct current income tax witholding rate should be for regular employee (i.e. not independent contractors)? I know about this site:

http://www.nts.go.kr/eng/help/help_56.asp?top_code=H001&sub_code=HS05&ssub_code=HSE4

BUT I read in some other thread that that page is based on a now old tax rate that has since risen somewhat. I don't want to underwithhold either. But I need something official that I can politely and diplomatically show my employer.

I am enrolled in Health and Pension as a regular employee (confirmed personally), but 3.3% is being withheld monthly for taxes alone. I just need something official that I can provide to the employer.

I called the NTS, but they just referred me to the above calculating tool website, even though I said I read that the information there is now out of date.

Any other sources of documentation? In Korean is fine. I can't read it, but of course the employer can. I need to provide a printout or an online link. Not having much luck with google searches.

Thanks for any assistance with this.

[ttompatz]

The remittance calculator is accurate:
http://www.nts.go.kr/eng/help/help_56.asp?top_code=H001&sub_code=HS05&ssub_code=HSE4

You can verify by using the year end settlement:
http://www.nts.go.kr/eng/help/help_53.asp?top_code=H001&sub_code=HS05&ssub_code=HSE3

You can also use the manual forms for tax calculating (same pages).
http://www.nts.go.kr/eng/resources/resour_41.asp?top_code=R001&sub_code=RS04&ssub_code=RSD1

The only change was in the exclusion of the 30% reduction in income for tax calculations (AFTER year 1) and that didn't apply to the tax calculator.

What you see is what you should be paying based on your monthly income.

The good news is that the different is not that big (25k won per month) and if you are overpaying and your employer is remitting it to the NTS you will get it back next February when you do your taxes.

.

[Pablo]

Thank you Tom

Do you know- If I contact the tax office, can they give me any insight yet into whether and how my employer is using the withheld tax (if I only started in January)? If it turns out that I *should* be in the tax office's records and if, purely hypothetically, I'm not, does this automatically constitute "reporting my employer to the tax office"? Cause I really don't want to risk that, just in order to make an inquiry.

[ontheway]