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Author Topic: Questions and Answers for American Taxes  (Read 27895 times)

Offline teacher_del

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Re: 2 years tax free.....then what?
« Reply #80 on: March 15, 2011, 02:11:28 pm »
Quote from: pedro1980 on March 15, 2011, 01:29:06 pm
Do I pay one big tax bill or is it deducted from my salary each month, if so the latter, how much will be deducted?
It can be done either way.  My school administrator did not deduct taxes monthly in 2010, so I (surprise!) paid in a lump sum (200,000?) in February.  If you want to be sure you won't be surprised, ask them to deduct a little bit monthly. 
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Offline JamericanTeacher

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Re: 2 years tax free.....then what?
« Reply #81 on: March 15, 2011, 02:21:03 pm »
Quote from: Hagwon on March 15, 2011, 02:06:41 pm
Quote from: pedro1980 on March 15, 2011, 01:48:32 pm
Very conflicting stuff. Thanks to all who replied but im no further on really. one person says 50,000 a month, no big deal. quite right, id be happy to pay that. yet im also being told 15% of my adjusted salary. well i take home around 2.1 million so 15% of that is 315,000 a month which certainly is a big deal.

15% of your adjusted income, not total income.  In appearance it seems to be about 4% but that isn't the case.

I know what I am talking about, I have a degree in taxation, and am working toward my MA

Mind explaining the difference between 'adjusted income' and 'total income' for us non-taxation majors?

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Offline pedro1980

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Re: 2 years tax free.....then what?
« Reply #82 on: March 15, 2011, 02:21:33 pm »
hagwon,

i dont doubt that you know what tou are talking about. can you tell me what is meant by adjusted income? is this the amount i take home each month after deductions or another figure all together. if i am supposed to pay 15% tax on my take home wage, as quoted previously this is a lot of money, in the region of 300,000 won. not, the 200,00 per year or even the 50,000 per month that others are quoting.
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Offline infogoddess

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Re: 2 years tax free.....then what?
« Reply #83 on: March 15, 2011, 02:24:09 pm »
a full explanation is found on this thread http://waygook.org/index.php/topic,4508.0.html

many people were hit with additional taxes in January because the rules changed quietly last year and many schools did not deduct enough money
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Offline kawaiikitty

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Re: 2 years tax free.....then what?
« Reply #84 on: March 15, 2011, 03:02:02 pm »
They definitely took about 600,000 from my paycheck without any warning. And it was just after I went to Japan for a week. fml.
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Offline Daejeon

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Re: 2 years tax free.....then what?
« Reply #85 on: March 15, 2011, 03:33:58 pm »
Quote from: infogoddess on March 15, 2011, 02:24:09 pm
a full explanation is found on this thread http://waygook.org/index.php/topic,4508.0.html

many people were hit with additional taxes in January because the rules changed quietly last year and many schools did not deduct enough money

Refer to my post in this linked thread under the user handle Daejeon for full explanation
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Offline suzettec

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Re: 2 years tax free.....then what?
« Reply #86 on: March 15, 2011, 03:44:17 pm »
It's just like paying taxes at home.  They deduct so much a month and then when your taxes are due you either have to pay more or you get a refund. 

Make sure that they deduct your taxes out monthly otherwise you will have a huge bill due at the end of the year.  I have done this for the 2 1/2 years I've been here. 

This year I'm getting a refund.  It's not much that they take out if done monthly but it depends on how much you make.

Also if you have a Korean credit or debit (check) card call your bank and tell them you need a statement for your taxes at the end of the year.  I'm not sure how it works but if you use a card you can get additional tax breaks.  Your bank can fax this over to your school and you give it to your office manager and say it's your bank statement for you taxes.
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Offline laurel

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Re: Questions and Answers for American Taxes
« Reply #87 on: March 18, 2011, 11:02:40 am »
Sorry if this is redundant, but just to clarify:
If I have been paying Korean taxes for 5 months (the length of time it has taken the IRS to send my Residency Certificate), once the form is submitted, will the Korean taxes that I have paid be refunded to me?

Thanks!
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Offline AshleyTeacher

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Is it too late to apply for Residency Certificate?
« Reply #88 on: March 21, 2011, 02:15:23 pm »
I am about to finish my year in Korea by April. My taxes have been taken out by the school because I was never notified about getting the Residency Certificate for USA citizens...

My question is: is it too late to apply for the RC?

Thank you!
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Offline expertamateur

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Re: Is it too late to apply for Residency Certificate?
« Reply #89 on: March 21, 2011, 02:23:20 pm »
You can get it back from the Korean government when you do obtain the certificate. I heard it can take a long time though.
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Offline AshleyTeacher

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Re: Is it too late to apply for Residency Certificate?
« Reply #90 on: March 21, 2011, 02:27:40 pm »
Quote from: expertamateur on March 21, 2011, 02:23:20 pm
You can get it back from the Korean government when you do obtain the certificate. I heard it can take a long time though.

But I can still go through the process? My Admin staff just told me that the taxes have already been done for this year and it's "impossible" to bother to try.
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Offline laurel

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Re: Is it too late to apply for Residency Certificate?
« Reply #91 on: March 21, 2011, 02:32:20 pm »
The U.S. IRS took about 5 months to mail me my RC.  Unfortunately. their level of service might render you out of luck.
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Offline youlovetonyt

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Re: Is it too late to apply for Residency Certificate?
« Reply #92 on: March 21, 2011, 02:46:29 pm »
My school doesn't take out any taxes, but they never told me to get a RC.

I am confuseddddddd
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Offline AshleyTeacher

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Re: Is it too late to apply for Residency Certificate?
« Reply #93 on: March 21, 2011, 03:11:13 pm »
Quote from: youlovetonyt on March 21, 2011, 02:46:29 pm
My school doesn't take out any taxes, but they never told me to get a RC.

I am confuseddddddd

This is for US citizens.... but if your school isn't taking out taxes right now, you will get a surprise at the end of the tax year. This is my 1st year and I was taxed last month.
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Offline ame

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Re: Is it too late to apply for Residency Certificate?
« Reply #94 on: March 21, 2011, 03:16:12 pm »
In my EPIK contract it's article 13 section 5.  You did read your contract, didn't you?
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Offline tfuller

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Re: Is it too late to apply for Residency Certificate?
« Reply #95 on: March 21, 2011, 03:20:21 pm »
Quote from: youlovetonyt on March 21, 2011, 02:46:29 pm
My school doesn't take out any taxes, but they never told me to get a RC.

I am confuseddddddd

Yep, I was in the same situation.. until this year when the admin staff changed. They took taxes out from last year, but said that if i got a RC then they would refund the taxes i paid. They also old me that it didn't matter when i got it, as long as i got it.
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Offline sheila

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Re: Questions and Answers for American Taxes
« Reply #96 on: March 22, 2011, 09:06:08 am »
Just a reminder that there's only about 25 days left of tax season left.  Check out this information and get your taxes done on time.... if you need one, Turbo Tax provides a free online tax service so you can get your taxes done fast and easy without the hassle. http://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
Otherwise, make sure your parents are on top of that now since it takes a bit of time to be mailing documents around the world.  Happy refunds everyone~!
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Offline AshleyTeacher

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Re: Is it too late to apply for Residency Certificate?
« Reply #97 on: March 22, 2011, 09:29:27 am »
Quote from: tfuller on March 21, 2011, 03:20:21 pm
Quote from: youlovetonyt on March 21, 2011, 02:46:29 pm
My school doesn't take out any taxes, but they never told me to get a RC.

I am confuseddddddd

Yep, I was in the same situation.. until this year when the admin staff changed. They took taxes out from last year, but said that if i got a RC then they would refund the taxes i paid. They also old me that it didn't matter when i got it, as long as i got it.

Do you know for sure? I will go back to the administration again today. I am the first teacher... so it'll be the first time for both of us to go through this.
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Offline expertamateur

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Re: Questions and Answers for American Taxes
« Reply #98 on: March 22, 2011, 10:25:29 am »
Quote from: laurel on March 18, 2011, 11:02:40 am
Sorry if this is redundant, but just to clarify:
If I have been paying Korean taxes for 5 months (the length of time it has taken the IRS to send my Residency Certificate), once the form is submitted, will the Korean taxes that I have paid be refunded to me?

Thanks!

That's what my school administrator told me, but I'm crossing my fingers.
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Offline Skee Wee_1908

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Re: Is it too late to apply for Residency Certificate?
« Reply #99 on: March 22, 2011, 11:30:33 am »
I was just told the exact same thing....when I turn in the forms and US certificate, I will be refunded whatever was taken out.....
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