Korean Job Discussion Forums

[thelaststraw]

Hey all, sorry for yet another one in the continuing saga of "oh poor poor me", but could someone please break down the tax withholdings one more time. I know that alot of people are paying at a rate of 3.3% and some say its lower because they are paying pension and what not, however i am paying at a rate of 5%. I just called the tax help line and they said that my higher rate could be because of health care and other social welfare programs that my boss is also deducting for( forgive me for being sceptical). Of course i am not on the required health care nor pension programs and we the numerous foreign teachers are trying to get all of our information straight before we collectively take on the man. For example on my salary of 2.5 i am being taxed 125,000, whereas the man from the tax office said it should be about 70,000.
Any info on the matter would be greatly appreciated.

[thaitom]

Here is the tax service website: http://www.nts.go.kr/eng/default.html
on your 2.5 Mil. your tax is 70,790. Go to check my monthly withholding,type in 2500 for 2.5 Mil.

[thelaststraw]

yes, i checked out that site and thats where my confussion lies. I know the amount that should be taken out but im wondering about where the extra 55,000 would be going. Are there some extra social services that i am paying for (you know other than my bosses new eqquis)?
thanks again.

[Pak Yu Man]

[kprrok]

Tax is figured on the website which you have done.
But you also have the resident tax which is 10% of your income tax.

Insurance should be 2.24% (and you boss pays the same amount)

Pension is about 4.5% (and your boss pays the same amount)

2.5mil - 70,790 - 7,079 - 56,000 - 112,500 = 2,253,631 won per month net

Hope that helps.

KPRROK

[thelaststraw]

thanks kprrok, the only problem there is that i know that we are not on health insurance, or the pension program.....so i wonder where the extra is going?

[ChuckECheese]

[spliff]

[thelaststraw]

Well friday is pay day (thats right they hold the pay until the end of the following month) so i will be asking to see a statement with the actual breakdown of my taxes. I guess this should get the ball rolling at my school. I'm sure that they know we know that they know far less than we know.

[DCJames]