"오늘 제 선생님이 학교에 계십니다."
Translation:My teacher is at school today.
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Not formality -- honorifics. Formality pertains to speech level and is the reason for -ㅂ니다, i.e., it's the level of respect one is showing the audience, or person to whom you are speaking. Honorifics is the reason for 계시다 instead of 있다, and shows respect for the person you're talking about.