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daz1979
Joined: 29 Apr 2006
Location: Gangwon-Do
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 Posted: Mon Jan 15, 2007 5:29 am Post subject: Slightly frustrated! Another tax question.... |
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Hi,
What's the craic with Korean Tax
www.nts.go.kr states that I should pay around 1.9 %; however, 0 out of 1001 jobs are willing to adhere to this amount and generally deduct 3.3%!
After a lengthy MSN discussion with a director in Korea he states that if I do not want to be a part of a pension fund I am automatically taxed at a higher rate, and with this in mind would be charged a rate of 3.3% + 10% of 3.3% as residence tax (3.63) and 2.4% medical!!
Therefore on 2.1 mil:
76,230 for tax
50,400 medical
With no further deductions!
Is this true? |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jan 15, 2007 5:39 am Post subject: |
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| Quote: |
Therefore on 2.1 mil:
76,230 for tax
50,400 medical |
This sounds about right WITH pension. Take the pension and the amount should be about right. If you take these deductions and agree to no pension, you are screwing yourself. Think of pension as a savings account for the end of the year. |
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daz1979
Joined: 29 Apr 2006
Location: Gangwon-Do
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| Posted: Mon Jan 15, 2007 6:17 am Post subject: |
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| Bibbitybop wrote: |
| Quote: |
Therefore on 2.1 mil:
76,230 for tax
50,400 medical |
This sounds about right WITH pension. Take the pension and the amount should be about right. If you take these deductions and agree to no pension, you are screwing yourself. Think of pension as a savings account for the end of the year. |
Being from the UK, I was under the impression that the Pension is non refundable. I thought that contributing to this plan would only fiddle me for another 4.5% a month! |
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Zoot
Joined: 12 Jul 2005
Location: Bundang
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| Posted: Mon Jan 15, 2007 6:24 am Post subject: |
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| I just assume my school pockets it either way. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jan 15, 2007 7:41 pm Post subject: |
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If you work to the end of your one year contract, you are legally entitled to your pension. If you boss fires your at 11 months or you quit before the contract is over, it's a different story.
Read the FAQs, I'm sure there's something about pension in there. |
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joeyjoejoe
Joined: 24 Sep 2006
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| Posted: Mon Jan 15, 2007 8:40 pm Post subject: |
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^^ not if you don't come from canadia or america.
brits have some deal where it can be transfered to a british pension fund (i think, don't know the details as it doesn't effect me) but aussies, kiwis, safers and i think the irish get penetrated |
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jellobean
Joined: 14 Mar 2006
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| Posted: Mon Jan 15, 2007 9:49 pm Post subject: |
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Yeah, the Brits have a reciprocal provision. Don't know the details though. Personally, if you can avoid it you should.
Regardless your tax should probably be 3.3%. For the most part, English teachers are considered contract employees (all public school teachers fall in the category). Contract employees are charged at 3.3% for most any amount you are likely to earn. As a contract employee you need to earn upwards of 4mil per month to pay a higher tax rate.
One note of caution, about two or three months in, check with the tax office and pension office to make sure they are receiving the contributions your employer is supposedly making. |
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sadsac
Joined: 22 Dec 2003
Location: Gwangwang
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| Posted: Mon Jan 15, 2007 10:36 pm Post subject: |
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Tax, in all my time in Korea, I've paid 5% and never complained. Back in Oz, I had to pay 38%, so tax here is a dream.  |
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Darkness
Joined: 12 Oct 2006
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| Posted: Tue Jan 16, 2007 3:52 am Post subject: |
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dont mean to hijack this thread but....
I'm curious how I find out how to contact my tax office, and how can I tell if they are paying into my pension? I want to make sure they are so I can get it back when I leave.... |
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daz1979
Joined: 29 Apr 2006
Location: Gangwon-Do
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| Posted: Tue Jan 16, 2007 4:49 am Post subject: |
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| Darkness wrote: |
dont mean to hijack this thread but....
I'm curious how I find out how to contact my tax office, and how can I tell if they are paying into my pension? I want to make sure they are so I can get it back when I leave.... |
Get lost! Start your own thread. 
Only kidding, the more information the merrier.
Jellobean - Thanks for the advice. Guess I better lower my tax demands.  But at least I might finally secure a job and stop upsetting recruiters. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Tue Jan 16, 2007 6:27 pm Post subject: |
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This Korean tax laws are so confusing. I really feel sorry for immigrants now that come to Canada/US/Uk etc....
I just want to get whatever money I can back when I am done my contract. |
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