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  • asiaman
  • Adventurer

    • 58

    • June 19, 2016, 09:07:39 am
tax on 2.3m
« on: June 23, 2016, 10:19:18 pm »
Hey guys

What's the approximate tax on 2.3m won per month? And what's the chances of getting permission to do other work on an E2 visa? Are employers laid-back about it? Or are they all funny about it all? :-*


  • KimDuHan
  • Hero of Waygookistan

    • 1245

    • January 15, 2015, 11:48:59 am
    • Seoul
Re: tax on 2.3m
« Reply #1 on: June 24, 2016, 07:09:11 am »
Hey guys

What's the approximate tax on 2.3m won per month? And what's the chances of getting permission to do other work on an E2 visa? Are employers laid-back about it? Or are they all funny about it all? :-*

Getting permission to do other work depends on your primary employer. Asking about it can be a red flag and cause problems. If you ask your boss and they say no then if one day you come to work tired you'll be assumed to be teaching privates illegally. Your boss could become hostile and look to fire you to avoid some benefits you should receive.

As for tax phone or go to the tax office. Better to be safe than sorry.


Re: tax on 2.3m
« Reply #2 on: June 24, 2016, 07:39:23 am »
Dude's a n00b not even in Asia yet but he's trolling travel threads admonishing us for vacationing to Europe rather than Asia.......  :laugh:


Re: tax on 2.3m
« Reply #3 on: June 24, 2016, 07:43:25 am »
Are you LeapOver?


Re: tax on 2.3m
« Reply #4 on: June 24, 2016, 08:01:46 am »
Dude's a n00b not even in Asia yet but he's trolling travel threads admonishing us for vacationing to Europe rather than Asia.......  :laugh:
Spend all your income on long distance flights then. :afro:


  • solveit
  • Super Waygook

    • 369

    • December 09, 2014, 03:52:02 pm
    • Korea
Re: tax on 2.3m
« Reply #5 on: June 24, 2016, 08:27:21 am »
Did your contract not state the percentage deductions for tax, pension and health insurance? It should have, but if it didn't you can expect to lose a little over 10% in total. Unfortunately as you're from the UK you won't be able to claim back your pension.


Re: tax on 2.3m
« Reply #6 on: June 24, 2016, 08:59:48 am »
Unfortunately as you're from the UK you won't be able to claim back your pension.
why the hell not? You can't get a pension saved up you mean?


Re: tax on 2.3m
« Reply #7 on: June 24, 2016, 09:05:26 am »
Unfortunately as you're from the UK you won't be able to claim back your pension.
why the hell not? You can't get a pension saved up you mean?

A certain amount will be deducted from your salary each month for the state pension. If you are from certain countries, U.S., Canada, Australia, South Africa? You can claim this amount back when you leave Korea. If you are from the other English speaking countries you can't - in retaliation for some rule that penalizes Koreans in those countries I guess. If you stay in Korea for more than 10 years you can draw the pension in monthly installments after retirement age. I'm looking forward to collecting my 50 quid a month or whatever it is when I hit 60.


Re: tax on 2.3m
« Reply #8 on: June 24, 2016, 09:24:48 am »
Unfortunately as you're from the UK you won't be able to claim back your pension.
why the hell not? You can't get a pension saved up you mean?

You're getting 2 salaries anyway. One for asiaman and one for UK teacher so you should be rolling in money.


  • solveit
  • Super Waygook

    • 369

    • December 09, 2014, 03:52:02 pm
    • Korea
Re: tax on 2.3m
« Reply #9 on: June 24, 2016, 09:26:04 am »
Unfortunately as you're from the UK you won't be able to claim back your pension.
why the hell not? You can't get a pension saved up you mean?

4.5% (I think) of your salary is deducted for pension, and your employer matches that amount. If you're from certain countries, when you leave, you can claim back your pension, which is essentially twice what you've paid in, so is a nice little sum when you're leaving.

As far as I know, South Africans don't have to pay pension, and people from the UK and Ireland don't get their pension back as those countries don't allow Koreans who work there to collect their pensions when they leave. The only way to get your pension payments back (unless the UK government change their stance and allow Koreans to withdraw their pensions) were stated in an above post.


Re: tax on 2.3m
« Reply #10 on: June 24, 2016, 09:49:01 am »
Unfortunately as you're from the UK you won't be able to claim back your pension.
why the hell not? You can't get a pension saved up you mean?

You're getting 2 salaries anyway. One for asiaman and one for UK teacher so you should be rolling in money.

Yup, it's pretty obvious that these guys are the same person.

Spend all your income on long distance flights then. :afro:

To quote someone else from the travel thread, begone with you.


  • kyndo
  • Moderator LVL 1

    • 5195

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: tax on 2.3m
« Reply #11 on: June 24, 2016, 10:25:06 am »
Hey guys

What's the approximate tax on 2.3m won per month? And what's the chances of getting permission to do other work on an E2 visa? Are employers laid-back about it? Or are they all funny about it all? :-*
To answer your question, income tax for foreigners is calculated as follows:
https://www.justlanded.com/english/South-Korea/South-Korea-Guide/Money/Income-tax

Assuming an annual income of 27,600,000 won (12*2.3 million), you would be taxed 0.8 million Won + 17% of the amount exceeding 10 million Won. So...

About 3,792,000 won per year for income tax. Of course, you can get tax refunds depending on how much you spend here in Korea with your debit/credit card (I usually get a fair chunk back).
Also, you aren't taxed on medical insurance and expenses, so you can knock off a few 100,000 won due to that as well.

As for your chances of getting supplementary income: pretty darned low. I have yet to see a public school contract that allows for other sources of income. Which is why so many of us tutor on the sly.  :undecided: