Korean Job Discussion Forums

[Freakstar]

What percentage are you guys taxed? Besides income tax and residence tax, what else can you be taxed for? Does your pay stub break down your taxes into income tax, residence tax and whatever other kind of taxes are deducted?

Also, if you're American, do you still have to file a tax return back home each year? Or do you just file taxes here in Korea? Will we end up owing more to the Korean government at the end of the year?

[Freakstar]

I got the following info. from a website.

Income Tax Returns.

Every May, a residence in Korea is normally expected to file a yearly income tax return for his taxable income. However, the alien resident is not required to file the yearly tax return if he has one of the following things.

1) Only wage and salary earnings from which his income tax was withheld and paid by and through the employer or taxpayers associations. - So if I fall into this category, then I won't have to file a tax return here in Korea, right?
2) Only retirement income from which his income tax was fully withheld through the employer or taxpayers association.
3) Only interest income from which his income tax was fully withheld.
4) Only dividend income from which his income tax was fully withheld.
5) Only other income from which his income tax was fully withheld.

The regular return period begins on May 1 and ends on May 31 of every year. For tax purposes, an individual taxpayer must use a calendar year as his taxable period

He has to file his return with the district tax office (DTO) having jurisdiction over his domicile. If he lives in a local country or city, he may first contact the regional tax office to find out the location of his relevant DTO.

Principally, a residence is any individual; 1) Who has a domicile in Korea, 2) Who has a place of residence in Korea for a year or more, 3) Who has an occupation which would require him to reside in Korea for a year or more, or 4) Who has his family in Korea and is likely to reside in Korea for a year or more in view of his occupation or assets held in Korea.

An alien who is planning to stay in Korea for more than 90 days is required to obtain an individual residence certificate from the Immigration Office.

The resident registration (Alien Registration Card) number is given by the Immigration Office. It is important for him/her to use his number on each and every tax-related document because it is also used as the alien's identification number for tax purposes during his stay in Korea.