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Understanding Dual Contributions: Korean National Pension vs. U.S. FICA

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Understanding Dual Contributions: Korean National Pension vs. U.S. FICA Navigating social security systems across borders can be confusing—especially for employees working between Korea and the U.S. A recurring question is: Can someone pay into both Korea’s National Pension and U.S. FICA (Social Security and Medicare taxes) at the same time—and what happens if they do? This post breaks down how the Korea–U.S. Totalization Agreement works, what “coverage” means, and the consequences of dual contributions. 1. The Totalization Agreement at a Glance πŸ‡°πŸ‡·πŸ‡ΊπŸ‡Έ Since 2001, the Korea–U.S. Totalization Agreement has coordinated social security coverage between the two countries. Its primary goal is to: Prevent double taxation of social security contributions on the same income during the same time period Protect future benefit rights for cross-border workers Key principles: At any given time, only one country’s social security system applies to your wages C...
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πŸ“† Day 11: The Home Office Deduction — Who Really Qualifies?

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 πŸ“† Day 11: The Home Office Deduction — Who Really Qualifies? In today's increasingly remote landscape, the home office deduction has gained more attention than ever. But while many dream of writing off their cozy corner desk and coffee machine, the IRS has pretty clear boundaries on who actually qualifies. Let’s break it down with precision, so you know where you stand and what’s deductible. 🏑 What Is the Home Office Deduction? The home office deduction lets self-employed individuals claim business use of part of their home, potentially reducing their taxable income. It’s a legitimate tax benefit designed to support those running their own operations—from freelancers and consultants to Etsy shop owners and digital product creators. Note: W-2 employees generally cannot claim this deduction, even if working remotely for an employer. ✅ Who Qualifies? To qualify, your home office must meet two key criteria : Exclusive and Regular Use The space must be used solely for busin...
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