February 17, 2019, 04:21:12 PM


Author Topic: Year End Taxes  (Read 850 times)

Offline persimmon14

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Year End Taxes
« on: January 23, 2019, 08:36:37 AM »
I really feel we should all have been educated about this growing up (instead of spending hundreds of our school
hours learning about ancient history or covalent bonds.
I've never studied anything even close to this area so when it comes to taxes
deductions and these other terminology, I have no idea what anyone is talking about and I just end up paying a lot of money in taxes, about 500,000 won each year.

I don't get it.  I spent more money each year.  Am I wasting my time always giving my phone number or tax card everywhere I go whenever I make a purchase?  It's not making any difference for me when it comes to the year end taxes.  I pay the same amount everytime. 

I think I heard that I would have to spend 25% of my income to get any savings.  Then I was asked what I do with my money and I told them I leave it in the bank in a savings account and they said something like if I did "something" I wouldn't have to pay any year end taxes.  I'm so confused.

I wish I learned about taxes instead of geography, science, history, social studies, wood carving, etc... none of that helps me pay the bills.   But now it sounds like I could be saving $500 a year in taxes if I knew the proper procedures.  I'm just flushing it down the toilet simply because I don't understand taxes.

Offline MayorHaggar

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Re: Year End Taxes
« Reply #1 on: January 24, 2019, 12:38:50 PM »
a) what country are you from
b) what is your question

If you're talking about Korean taxes, then unless you are fluent in advanced Korean or have a close relationship with a Korean, you are probably going to be unable to figure out your taxes and will get screwed by your school.
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Offline pkjh

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Re: Year End Taxes
« Reply #2 on: January 24, 2019, 01:01:06 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23. In Korea, it's customary for your employer to file your taxes, you just need to provide any other info that isn't available on hometax, like investments, and other family members' tax info. For most NET's that probably isn't a concern. Anyways...

Do you work for a public school? Do you have internet banking setup with a security certificate? If you answered yes to both then getting your taxes done is super easy. If you don't have that security certificate than you'll need to talk to somebody about it.

If you're in a public school, and have that security cert, just go to the https://www.hometax.go.kr/  site click on the far left one that's labled 연말정산.... fill in your name as on your ARC card, and your number, download all that questionable security software, load up your security cert (you got to look for it somewhere in they computer file system), put in your cert's password, then a screen with a bunch of blue boxes comes up. Select 2018, and click on each of the blue boxes with the magnifying glass... then save it as a pdf file by clicking on the 한번에 내려받기 button. Don't put a password on the file. save it somewhere, then onto a USB stick. Then go to your administration office say something about 'taxes' or '연말정사 / yeon-mal-jeong-san" and wave your USB stick around. Then one of the admins will take the pdf file and upload it onto their tax software and will have all the stuff done within seconds.

on a laptop with windows 10 that cert is usually somewhere under c:/users/<your-user-name>/AppData/LocalLow/NPKI/yessign/USER/cd=..../

There select both files and load it up on that pop up window.

If you're in a public school without a security cert... I'm not sure, but go to the admin office (best with someone who can help you out) and mention 'taxes' or '연말정사', and they'll probably call the bank or tell you what to do.

If you don't work at a public school. I'd say best go down to the local tax office, and try to explain.
« Last Edit: January 24, 2019, 01:04:42 PM by pkjh »

Offline robin_teacher

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Re: Year End Taxes
« Reply #3 on: January 24, 2019, 03:39:34 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23.

Considering my school just bought this up and we filed them today, I would like to know more about this. Where'd you get the date from? Do you know if there are penalties for late filing? I even set up my hometax while desk-warming so I'd be ready  :cry:

Offline annataleen

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Re: Year End Taxes
« Reply #4 on: January 24, 2019, 06:09:16 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23.

Considering my school just bought this up and we filed them today, I would like to know more about this. Where'd you get the date from? Do you know if there are penalties for late filing? I even set up my hometax while desk-warming so I'd be ready  :cry:

robin_teacher, don't sorry about. My school told me last week the time for filing was January 21st - 24th. Many teachers came in today to do their taxes. We are in the same city, so I think you are ok doing them today.  ;D

Offline pkjh

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Re: Year End Taxes
« Reply #5 on: January 24, 2019, 07:40:27 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23.

Considering my school just bought this up and we filed them today, I would like to know more about this. Where'd you get the date from? Do you know if there are penalties for late filing? I even set up my hometax while desk-warming so I'd be ready  :cry:
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Offline robin_teacher

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Re: Year End Taxes
« Reply #6 on: January 25, 2019, 08:03:37 AM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23.

Considering my school just bought this up and we filed them today, I would like to know more about this. Where'd you get the date from? Do you know if there are penalties for late filing? I even set up my hometax while desk-warming so I'd be ready  :cry:

robin_teacher, don't sorry about. My school told me last week the time for filing was January 21st - 24th. Many teachers came in today to do their taxes. We are in the same city, so I think you are ok doing them today.  ;D

That's a relief! Cheers~

Offline Mezoti97

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Re: Year End Taxes
« Reply #7 on: January 25, 2019, 05:53:02 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23.

Considering my school just bought this up and we filed them today, I would like to know more about this. Where'd you get the date from? Do you know if there are penalties for late filing? I even set up my hometax while desk-warming so I'd be ready  :cry:

robin_teacher, don't sorry about. My school told me last week the time for filing was January 21st - 24th. Many teachers came in today to do their taxes. We are in the same city, so I think you are ok doing them today.  ;D

My employer's internal deadline for submission of tax forms (for me and all my co-workers to submit our tax forms) is January 31st, and they always set their internal deadline well before the Korean tax office's actual deadline (which I was told is always sometime in February), so January 23rd isn't the final deadline for submitting Korean tax forms.

Offline Nokcha

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Re: Year End Taxes
« Reply #8 on: January 28, 2019, 08:49:31 AM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23. In Korea, it's customary for your employer to file your taxes, you just need to provide any other info that isn't available on hometax, like investments, and other family members' tax info. For most NET's that probably isn't a concern. Anyways...

Do you work for a public school? Do you have internet banking setup with a security certificate? If you answered yes to both then getting your taxes done is super easy. If you don't have that security certificate than you'll need to talk to somebody about it.

If you're in a public school, and have that security cert, just go to the https://www.hometax.go.kr/  site click on the far left one that's labled 연말정산.... fill in your name as on your ARC card, and your number, download all that questionable security software, load up your security cert (you got to look for it somewhere in they computer file system), put in your cert's password, then a screen with a bunch of blue boxes comes up. Select 2018, and click on each of the blue boxes with the magnifying glass... then save it as a pdf file by clicking on the 한번에 내려받기 button. Don't put a password on the file. save it somewhere, then onto a USB stick. Then go to your administration office say something about 'taxes' or '연말정사 / yeon-mal-jeong-san" and wave your USB stick around. Then one of the admins will take the pdf file and upload it onto their tax software and will have all the stuff done within seconds.

on a laptop with windows 10 that cert is usually somewhere under c:/users/<your-user-name>/AppData/LocalLow/NPKI/yessign/USER/cd=..../

There select both files and load it up on that pop up window.

If you're in a public school without a security cert... I'm not sure, but go to the admin office (best with someone who can help you out) and mention 'taxes' or '연말정사', and they'll probably call the bank or tell you what to do.

If you don't work at a public school. I'd say best go down to the local tax office, and try to explain.

Thanks a million for these directions. My co-teacher who helps with these things is new this year and has only filed taxes for himself one time. I was able to complete this without his help. He was really relieved....:)

Offline Jmessler

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Re: Year End Taxes
« Reply #9 on: January 28, 2019, 12:35:58 PM »
I'm in the same boat as you.  Last year at this time, I was given infuriating news that I would have to pay 800,000 won.  I came to find out that the damn lady taking out the necessary deductions just figured it was cool not to deduct taxes for a good 3-4 months.  Her reasoning was that she assumed I would pay enough in taxes by the end of the year based off of my previous year's tax deductions and that it would be okay to just not take any taxes out for a few months (like what in the serious f**k!?).  After finding that out, I requested that 5% of my income be deducted for taxes each month.  The end result? I just found out I will be getting 3,000 won back.... I'm flustered now. 
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Offline Datasapien

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Re: Year End Taxes
« Reply #10 on: January 28, 2019, 02:07:57 PM »
It's an end of year settlement tax aka 연말정산.. was due on Jan 23. In Korea, it's customary for your employer to file your taxes, you just need to provide any other info that isn't available on hometax, like investments, and other family members' tax info. For most NET's that probably isn't a concern. Anyways...

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