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Korean Job Discussion Forums
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tzechuk
Joined: 20 Dec 2004
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 Posted: Fri Apr 07, 2006 6:49 am Post subject: About Korean tax |
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So I saw in this other thread that there's a tax calculator...
If I report that I have a baby that depends on me, do I pay less tax?
According to the calculator, it says if I have *3* (including me) dependents, the tax I pay is roughly 15,000 won per month less?? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Fri Apr 07, 2006 7:49 am Post subject: |
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Most likely. It depends on how you file. If you file yourself, with your child as your dependent, then it might look a bit like this:
http://nts.go.kr/front/service/refer_cal/jungsan2005/eng/refer_2005jungsan_eng.asp
| Quote: |
Basic Deduction
Taxpayer him/herself
1,000,000
Spouse
0
Dependents
1 persons
1,000,000
Additional Deduction
The Aged(65~69)
0 persons
0
The Aged(70~)
0 persons
0
The Handicapped
0 persons
0
Woman
0
Child Care
1 persons 1,000,000
For Small Dependents (under six year's old)
500,000 |
I'm not 100% sure if I checked the right boxes, but it'd probably be worthwhile for you to look into it. Not knowing your salary or any other particulars, I don't know what additional benefits the deductions would translate into. Also be aware that you can claim credit card expenditures and you might be able to claim for some medical expenses too, which may further lower your taxable income.
p.s. Most likely you were overtaxed for the 2005 year, as I believe most of us are. Given your situation, you most likely are entitled to a greater refund than you may've thought. I don't know about the monthly thing because most workplaces are just going to take out whatever they want...it's up to us to either make sure they file for us or we do it ourselves. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Sat Apr 08, 2006 5:04 am Post subject: |
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Thanks, Dave.
I didn't work during the whole of 2005.. no tax for me  |
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