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Derrek
Joined: 15 Jan 2003
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 Posted: Tue Feb 01, 2005 12:22 am Post subject: How much Korean tax do Americans pay? |
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I have heard it's 3.5 percent from my boss, who contacted the tax office (he says).
My recruiter-friend says Americans don't pay tax, but Canadians do.
Ever heard that? |
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thorin
Joined: 14 Apr 2003
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| Posted: Tue Feb 01, 2005 12:37 am Post subject: |
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| Foreigners from any nation are not required to pay income tax during their first two years in Korea (correct me if I'm wrong). You pay half of your health insurance (employer pays other half) and contribute to a pension account. We you leave Korea, Americans get their pension money back. Canadians get to enjoy a hot cup of Tim Hortons coffee. Something like that anyway. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Tue Feb 01, 2005 2:22 am Post subject: |
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| I am American and I have always paid income tax in Korea. I pay more than 3.5%. |
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tzechuk
Joined: 20 Dec 2004
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Fri Feb 04, 2005 6:57 pm Post subject: |
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| EFL does a good job, but they don't make one thing clear: Folks with EPIK and univerities are exempt for 2 years from paying taxes, but must they still file a tax return? It seems like a foolish question until you realize that that's exactly what Americans living abroad do with the 2555EZs. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Fri Feb 04, 2005 7:34 pm Post subject: Re: How much Korean tax do Americans pay? |
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| Derrek wrote: |
I have heard it's 3.5 percent from my boss, who contacted the tax office (he says).
My recruiter-friend says Americans don't pay tax, but Canadians do.
Ever heard that? |
The tax rate is reflected on the amount of your salary, not your nationality. I'll defer to Mankind's comments in this thread to clear up any confusion on that.
| Thorin wrote: |
| Foreigners from any nation are not required to pay income tax during their first two years in Korea (correct me if I'm wrong).You pay half of your health insurance (employer pays other half) and contribute to a pension account. We you leave Korea, Americans get their pension money back. Canadians get to enjoy a hot cup of Tim Hortons coffee. Something like that anyway. |
That's not entirely accurate. What you might be getting confused with is that if you are an American and work for a govt-run school, you are exempt from paying taxes for 2 years. Not sure if this applies to other nationalities. As for pension, Canadians also get that back, too. |
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