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| How much of a tax refund are you getting (South Korean residents only) |
| I owe |
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14% |
[ 3 ] |
| I broke even |
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0% |
[ 0 ] |
| I don't know |
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14% |
[ 3 ] |
| 1,000 - 100,000 WON |
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4% |
[ 1 ] |
| 100,001 - 200,000 WON |
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0% |
[ 0 ] |
| 200,001 - 300,000 WON |
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4% |
[ 1 ] |
| 300,001 - 400,000 WON |
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9% |
[ 2 ] |
| 500,001 - 600,000 WON |
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9% |
[ 2 ] |
| Refund > 600,001 WON |
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42% |
[ 9 ] |
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| Total Votes : 21 |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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 Posted: Thu Feb 08, 2007 1:19 am Post subject: Tax Refunds in South Korea: How much are you getting back? |
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Thank you Trevor. After his post regarding taxes, I decided to call up the tax office and get the skinny regarding paying taxes as a resident here in South Korea. After speaking with the nice people from the tax office, I decided to talk to my school and find out if we owe or are getting a refund. Turns out, my wife and I will be getting back a combined sum of approximately 860,000 WON!  Now that's what I'm talking about!!! |
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cmr
Joined: 22 Mar 2006
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| Posted: Thu Feb 08, 2007 2:23 am Post subject: |
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Actually, I fit in ... well, you didn't make a category for me to vote!
I get something between 400,000 - 500,000. Can't remember the exact number, but I guess it's pretty much the same as cubanlord. |
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polonius
Joined: 05 Jun 2004
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| Posted: Thu Feb 08, 2007 2:33 am Post subject: tax |
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| Lucky guys, I owe. LOTS. And not because my employer wasn't deducting and submitting. He was deducting 3.3% as per rules of long ago, from when I first started here. Just turns out that I need to pay more than the 3.3% as I am in a higer braket. But, much better than getting the screws from Canada Revenue. |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Thu Feb 08, 2007 2:36 am Post subject: Re: tax |
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| polonius wrote: |
| ...But, much better than getting the screws from Canada Revenue. |
My point exactly. I'd much rather pay income tax here than in the U.S. |
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thaitom
Joined: 08 Feb 2003
Location: Phopphra, Thailand
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| Posted: Thu Feb 08, 2007 3:08 am Post subject: |
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| I have a couple questions, 1.Are you using the automatic calculation for year-end settlement on NTC? 2. If so, are you checking yes for the 30% deduction for foreign employee? If yes then I should get a refund of 291,000 Won. |
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polonius
Joined: 05 Jun 2004
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| Posted: Thu Feb 08, 2007 3:29 am Post subject: tax |
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| I called the taxman once and asked him if I could click the 30% tab as a foreign employee. He said, as I am a contract worker on an E2 visa, I was not allowed to click it. From his mouth to my ear. Would've been nice. |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Thu Feb 08, 2007 3:35 am Post subject: |
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| thaitom wrote: |
| I have a couple questions, 1.Are you using the automatic calculation for year-end settlement on NTC? 2. If so, are you checking yes for the 30% deduction for foreign employee? If yes then I should get a refund of 291,000 Won. |
Hi,
My school does my taxes for me. As far as what they use to calculate it, I do not know. I saw my form (they showed it to me) and that is how I saw exactly how much I was getting back. Ironically enough, most of the words on the form are Konglish, so, if you can read Korean, you should not have that much trouble reading it. Luckily, I had the administrator/comptroller walk me through it and show me what was what. |
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thaitom
Joined: 08 Feb 2003
Location: Phopphra, Thailand
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| Posted: Thu Feb 08, 2007 4:46 am Post subject: |
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If you are a contract worker and are being taxed at this 3.3% flat rate (which I still cannot find anywhere on NTS) you can't use the year-end tax calculator because it is based on using the monthly withholding Calc.
Am I right? If I use it at 1.6% I owe 70,000. and if I use it at 3.3% I get a refund of 316,000. Based on my 2.1 Mil.
Every publication on NTS says were suppose to use the monthly withholding calculator to determine our tax rate. Even gives examples of foreign teachers one who even uses the 30% deduction option. I don't know I get conflicting info every time I call the tax office. One call said I am a teacher so you are taxed 5%, next call you are a contract worker you have to pay 3%, and yet another said use the monthly withholding Calc. and he confirmed it was 1.6%. Blah Blah Blah.... so tired of this. |
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Cynical Optimist
Joined: 26 Feb 2006
Location: S.E. Korea
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| Posted: Thu Feb 08, 2007 5:30 am Post subject: |
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Korean tax refund? Wha-wha-what?
I didn't know about this.  I thought I just had my pension to look forward to. When are you supposed to do your taxes? Do all foreign teachers do them? Is there some kind of penalty for not doing them?
Okay, so I get my salary paid in cash. My deductions are written on post-its. My boss is deducting 5% for tax. I've heard that's too high, but I decided not to sweat it because I knew it was a good school and just wanted the job.
I think there's a good chance my boss is skimming some of my tax money. When I asked to have the full 4.5% deducted for the pension (knowing they had to match it and I'd get it back anyway), they asked if it was okay if we compromised and just reported my income at a lower amount. I said, "OK." 
So now, if I ask my boss about the refund, I wonder what kind of shyte it might shine a light on. My 5% tax equals the full 100K that it would be off of 2mil/month. So are they seriously reporting one number for tax and another for pension? If I ask for the refund, I guess I'll see just how much they've been taking me for (if at all).
The thing is, I don't really want to make a big drama out of this. The boss is a nice guy and has always treated me well -- it's just the small skimming that I fear he might be doing... I really hope he has been honest about all this -- I'd hate to expose him -- it would just be uncomfortable and embarrassing (I know, insert obvious joke here  ) |
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Jellypah
Joined: 27 Oct 2004
Location: ROK
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| Posted: Thu Feb 08, 2007 8:08 am Post subject: |
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| Quote: |
| My deductions are written on post-its. My boss is deducting 5% for tax. I've heard that's too high, but I decided not to sweat it because I knew it was a good school and just wanted the job. I think there's a good chance my boss is skimming some of my tax money. |
Your boss is for SURE skimming your tax money, and I'd bet he's not submitting anything in your name. You might want to check with your local tax office.
| Quote: |
When I asked to have the full 4.5% deducted for the pension (knowing they had to match it and I'd get it back anyway), they asked if it was okay if we compromised and just reported my income at a lower amount. I said, "OK."
So now, if I ask my boss about the refund, I wonder what kind of shyte it might shine a light on. My 5% tax equals the full 100K that it would be off of 2mil/month. So are they seriously reporting one number for tax and another for pension? If I ask for the refund, I guess I'll see just how much they've been taking me for (if at all). |
I'd be skeptical about pension being paid as well. Have you recieved an NHIS card? (Health insurance?) You should have deductions for that as well, and you can't be enrolled in pension without being enrolled in health.
I don't know where you're from - but if you're expecting a pension refund, I'll assume it's North America. You could be liable for tax back in your home country - and you'll be paying it twice if it's not being submitted here. At 2 million a month, you should be paying 31,850. (That's 28,950 + a local tax of 2,895.) At the end of a year, you'll have overpaid 817,800 - and for what?) Maybe it's the extra amount one has to pay for having a "nice boss!"
I'm in the same boat, if I can help you out - please PM me. |
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Cynical Optimist
Joined: 26 Feb 2006
Location: S.E. Korea
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| Posted: Thu Feb 08, 2007 8:28 am Post subject: |
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PM sent -- thanks   |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Thu Feb 08, 2007 9:23 am Post subject: Re: tax |
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| cubanlord wrote: |
| polonius wrote: |
| ...But, much better than getting the screws from Canada Revenue. |
My point exactly. I'd much rather pay income tax here than in the U.S. |
Filling out the U.S. tax forms is a big pain, but , they give us a refund of about $400 a year even though we didn't pay in a penny. What's not to love about that? Of course things would be different if we had been in the U.S. instead of Korea, but on the other hand, the last few years I didn't even use the foreign income exclusion and we still got refunds (without paying in anything) |
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sadsac
Joined: 22 Dec 2003
Location: Gwangwang
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| Posted: Fri Feb 09, 2007 5:17 am Post subject: |
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Six years here and never filed a tax return. How does one go about it? I am very curious.  |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Fri Feb 09, 2007 6:19 am Post subject: |
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| Where do I find this calculator?? |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Fri Feb 09, 2007 6:25 am Post subject: |
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If you have questions regarding tax return, you can call Sun-a from the tax office (02-397-1448). She is near fluent in English.
Please remember that this applies to Americans. In early 2006, the United States renegotiated the tax terms. I do not know the specifics, however I do know that Americans, this year, now get taxes back. I'll look into this further and let you all know. |
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