Korean Job Discussion Forums

[depth]

hi all,

if any of the forum experts can please advise,

what is the tax rate on the final pay at a hogwan?

the final pay will include 1 month salary, 2 years of severance (2 month's salary) airfare and unused holiday pay.

total amount around 7,800,000 won

is there a webpage that I can refer to incase of any probs?

thanks for any answers,

[FriendlyDaegu]

Keep in mind that the money taken out of your pay for taxes is simply a withholding. Your employer should take out enough to cover your taxes and pay that to the tax office. At the end of the year your actual tax will be calculated and then they will see if the withholding was too much or too little. If it was too much you'll get some back. If too little they'll come after you for the difference.

The tax office has a guideline for employers to know how much to take out. You can download it from the NTS site (nts.go.kr/eng/help/help_52.asp). I checked for 7.8 million and it says the withholding should be about 1.1 million for no dependents.

[FriendlyDaegu]

All that makes me wonder.. Anyone know if NTS has a procedure for settling yearly taxes early, for those that leave the country?