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  • girlf
  • Adventurer

    • 26

    • July 19, 2016, 01:05:45 pm
tax question
« on: August 29, 2017, 12:52:35 pm »
So i've been teaching on an E2 for 3 years.  Started my 4th year yesterday.  The last year, my school did not deduct my money for taxes.  I brought it up today and the administrator had no idea.  Also, my ex coworker finished up her 3rd year and when it was time to get her severance, they had her go make another bank account and they wouldn't transfer that money into her regular account.  That was kinda fishy.  Help me understand all this.  I don't want to be liable for their mistake.


Re: tax question
« Reply #1 on: August 29, 2017, 01:33:05 pm »
Was the bank account with the same bank, or a different banking institution?
Some schools put the severance money into a specific kind of account at the bank. It accrues interest for them I believe. Basically, they have to transfer it into another account in the same bank.
Found this awhile back:


What recently happened is for whatever reason (I don't know the specifics) schools can now choose to either hold your severance themselves (as they have been doing) or they can put it in some sort of NH bank account that is designed for it. There have been some other threads about it but  I can't find it right now.

The thing is, they can't do it without your permission. Although some schools have appeared to have had the NSET's CT sign it or whatever, and/or just told the NSET to sign it and not given that much explanation.

The annoying thing is that is once they put it in this account, you need an account with NH to get it back (as far as I know). and they can't just send it to any account you want.

So as for the OP, I think your school did this without informing you (either completely, or just thrusted a form for you to sign and you did). but that's bascially why this is happening now. It's pretty commonplace and a lot of NSETs have been surprised by their school's sudden insistence on having an NH account to get the severance
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  • donuts81
  • Hero of Waygookistan

    • 1364

    • October 20, 2010, 10:23:37 am
    • Korea
Re: tax question
« Reply #2 on: August 29, 2017, 03:22:06 pm »
Tax after your 2nd year will be your responsibility if they catch up with you. They don't care if it was admin's mistake.

If you don't plan on being here forever you can ignore it (unless they catch you) but you will have trouble getting credit cards etc if the amount is over 5mil.

If you do want to stay you can either pay it or ignore it (at a risk of getting caught etc). The fines top out after 5 years of fines.
"You can't hurt me now, Mr Lee. I've lost all feeling"


Re: tax question
« Reply #3 on: August 29, 2017, 03:24:52 pm »
Tax after your 2nd year will be your responsibility if they catch up with you. They don't care if it was admin's mistake.

If you don't plan on being here forever you can ignore it (unless they catch you) but you will have trouble getting credit cards etc if the amount is over 5mil.

If you do want to stay you can either pay it or ignore it (at a risk of getting caught etc). The fines top out after 5 years of fines.

Out of curiosity, would you happen to know how much the fines are?
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  • thunderlips
  • Hero of Waygookistan

    • 1646

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: tax question
« Reply #4 on: August 29, 2017, 03:47:43 pm »
Tax after your 2nd year will be your responsibility if they catch up with you. They don't care if it was admin's mistake.

If you don't plan on being here forever you can ignore it (unless they catch you) but you will have trouble getting credit cards etc if the amount is over 5mil.

If you do want to stay you can either pay it or ignore it (at a risk of getting caught etc). The fines top out after 5 years of fines.

Out of curiosity, would you happen to know how much the fines are?

http://www.nts.go.kr/eng/help/help_02_01.asp#a15

Quote
.What penalties do I pay?

The penalty for both failure-to-return and failure-to-pay is assessed if a return or payment is not accomplished by the due date.

Penalty on Failure to File Returns
If a resident either fails to file a tax return or under-reports the relevant income, an amount equivalent to 20% of the income unreported or under-reported will be included in the calculation of tax amount as follows:

    Income Amount un(under)reported
━━━━━━━━━━━━━━━━━ Tax Amount Properly Calculated 20%
  Proper Income Amount to be reported

Penalty on Non-payment or Underpayment of Tax
When the income tax payable is not paid properly, a penalty in the amount of 0.03% of the amount shall be added to the amount of tax due, for each day the amount remains unpaid.