Detailed Toejigeum Computation for Denz

Given Data:
Length of work in the company: 2yrs and 10mos
Gross Salary Details (Last 3-mos before umuwi ng Pinas)
 July 2009 (31days): 1,351,000won
 Aug. 2009 (31days): 1,273,000won
 Sept. 2009 (30days): 1,464,000won

Received from Samsung Insurance Company: 2,265,770 won

Computation:

1) Get the average toejigeum per day based on last 3-months gross salary and numbers of
days per month…
= [1,351,000won + 1,273,000won + 1,464,000won] / [31days + 31days + 30days]
= 4,088,000won / 92days
= 44,400won/day (round-off)

2) Convert the length of work in the company into number of days according to labor
policy…
Note: Per labor policy, 1yr or 12mos is equivalent to 30days of payable toejigeum, so…
 2yrs = 30days
 10mos = 25days
By cross multiplication: X=?
12mos/30days = 10mos/X
12X = 30(10)
X = 300/12
X = 25

3) Compute the total toejigeum…

= 44,400won/day x [30days (1yr) + 30days (1yr) + 25days (10mos)]
= 44,400won/day x 85days
= 3,774,000won

4) Compute the toejigeum tax…

Note: Tax base = total toejigeum – non-taxable toejigeum
 Non-taxable toejigeum: 45% of total toejigeum and 300,000won for every year
worked

Tax Base = 3,774,000won – [3,774,000won x 45%] – [300,000won + 300,000won +

250,000won]
 = 3,774,000won – 1,698,300won – 850,000won
= 1,225,000won
Toejigeum Tax= tax base x 8%
= 1,225,000won x 8%
= 98,000won

5) Final Receivable Toejigeum…

= Total toejigeum – toejigeum tax
= 3,774,000won – 98,000won
= 3,676,000won

Conclusion:
 Total Received from Samsung Insurance: 2,265,770won
 Total toejigeum owed by your employer
= 3,676,000won – 2,265,770won
= 1,410,230won