Israeli tax calculator – updated!
A while ago, I released an Israeli tax calculator. The updated version of that spreadsheet is now here. (If the link does not work, go to http://www.box.com/s/460zksl3t4335018j5hp)
This spreadsheet allows you to check your paycheck and make sure you got the money you worked so hard to earn.
Checking your salary helps you make sure that (1) you are being paid correctly (mistakes happen), (2) you have the proper taxes taken out (you’ll notice if you need to do a te’um mas and te’um bituach leumi), (3) your investments are being deducted correctly and (4) you know what you are being taxed for (once I had an employer who taxed us for a bottle of wine given out for the holidays; I found out by noting the sums were a bit off on the sheet and then asking why.)
This year the tax numbers are a bit different than last year. Why?
(1) the amount of a deduction point changed from ₪ 197 to ₪ 205
(2) the median salary changed in Israel. This affects how much you pay for insurance.
(3) the tax rates changed for the 2010 fiscal year
I added some more green boxes to be filled in. So, to calculate your taxes fill in:
(1) your base salary
(2) benefits – this includes transportation and any other benefits you get from work including a car, if applicable, as well as any gifts your employer gives you for the holiday
(3) how many tax deduction points you have (check here for your status – if you find you deserve more points, tell your employer and he’ll give you the proper forms to fill out.)
(4) how much you are paying into your pension. By law, the minimum is now 2.5%
(5) how much you are paying into keren hishtalmut (if applicable)
(6) the value of a tax point. I put in the correct sum to date. This will change every year.
(7) avarage wage. I put in the correct sum to date. This is calculated every year.
(8) reimbursements. If you travel extra for work or if your work pays you for money you lay out through your salary, it should be included here.
Hope you enjoy the spreadsheet. Kol Tuv.
Legal warning: Last time I put this up, I was e-mailed by someone saying that this is financial advice and can be illegal to post up without a valid financial advising license. This is not financial advice – it is a spreadsheet to check your paycheck. My numbers are based on Israeli financial websites (businesspedia, bituach leumi, and mas hachnasa) and I try to do my best, but I am not perfect; there could be an error. If you find anything, please tell me and I will correct it