Income taxes and ESL teachers in Korea?
ar asked:
Ok, i have no idea about income taxes, and i am a college senior who is planning on finding a teaching job in korea after i graduate.
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Ok, i have no idea about income taxes, and i am a college senior who is planning on finding a teaching job in korea after i graduate.
Do i have to pay income taxes to BOTH the U.S. and Korea when i work? What if i dont pay to either?
Is money deducted from paycheck, etc? How do korean income taxes compare with american taxes? better? worse?
November 26th, 2009 at 11:18 am
Unless you make over $85,000 (which will be highly unlikely)
teaching English in Korea, you will not have to pay US taxes.
You still will need to file your 1040 plus form 2555EZ but you
won’t owe any money unless you have alot of other income
from somewhere else.
You will have to pay Korean taxes (3%-5%). They will be taken out of your check. Paying very low taxes is one of the best benefits of teaching English in Korea. fountainz