2014 Israeli Tax Calculator

February 2, 2014 at 3:49 pm 9 comments

I recently updated my tax calculator.  The latest version includes the new tax brackets and credits according to 2014.

You can download the latest calculator here or go to the following site:

https://www.box.com/s/460zksl3t4335018j5hp

The Israeli Tax Calculator allows you to check your paycheck and see that the correct taxes were deducted correctly.  If too much money is being taken out for taxes or insurance, then you should demand back your money through a tax alignment (תאום מס) or an insurance alignment (תאום ביטוח לאומי).  If you need to get money back through an alignment see this post for more details.

Note:  While the amount for insurance should match your paycheck perfectly, the amount you pay for taxes may not.  There are other factors besides the ones mentioned in this spreadsheet that can affect the amount of taxes you pay (how much you got paid over the past 6 years, how often you get paid.)

Use the guide as follows:

If you are paying less in taxes than what is calculated on the sheet:  Find out what kind of benefits you are receiving and how to continue receiving them.

If you are paying more in taxes than what is calculated on the sheet:  Odds are you need to do a tax alignment.  Speak to your HR person and fix up your tax record and then file the appropriate paperwork at מס הכנסה.

As always, if you find any flaws in these excel sheets or have any ideas for improving them, please feel free to contact me.

Are there any financial tools you would like to see?  Please feel free to either leave some ideas in the comments below or e-mail me at jonnydegani@gmail.com

Entry filed under: budgeting, no tag, pensions, Pensions, Insurance & Everyday Investments, Personal Finance, taxes, Taxes, Banking & Mortgages. Tags: .

Using InfoMed to compare prices on insurance FATCA and US Financial Reporting

9 Comments Add your own

  • […] Full Story (2014 Calculatrice d’impôt israélien | Chomer Shekalim) […]

    Reply
  • 2. zivia  |  February 5, 2014 at 3:26 pm

    Thanks for this. How many points should a single mother with one child under 5 years old get? Also, what percent does the employee pay and what percent does the employer pay when it comes to insurance (national and medical)? Thank you.

    Reply
  • 5. Adam  |  March 13, 2014 at 9:43 pm

    This may beyond the scope of this calculation but as an employer it would be useful to have a calculation that would show the total cost to company based on agreed upon gross wages for an employee.

    Reply
    • 6. jonnydegani  |  March 17, 2014 at 1:46 pm

      Hi Adam. The calculation would of course depend on the many different kinds of benefits. As a general rule, take the salary of the worker and multiply by 1.3

      Reply
  • 7. Mike  |  June 18, 2014 at 10:20 am

    I’ve actually discovered a problem with the calculator. For Keren Hishtalmut, if you enter a percentage it will assume that it’s always above the ceiling. However most employers will, I believe, be willing to treat your salary at the KHL ceiling if your salary exceeds it.

    In this way you can continue making contributions to your KHL but not be taxed on it.

    I added an additional bucket called “keren hishtalmut (up to ceiling)” which will treat your salary as the KHL ceiling if the salary exceeds it. It will not show up as part of your bruto salary because it’s not taxable.

    Reply
  • 8. zivia  |  July 1, 2014 at 12:26 pm

    Hi. What is line 13 on the tax calculator? It says pension, but so does line 24. I know that line 24 is the pension amount that the employer has to match. Also, how much does an employer have to put away for pitzuim? Thank you!

    Reply
    • 9. jonnydegani  |  July 3, 2014 at 7:58 pm

      Line 13 is the amount that you are reimbursed for putting money into you pension.
      An employer has to put in at least 6% as pitzuyim, although it can be as high as 8.33%

      Reply

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legal warning

legal warning: I am not a certified accountant, nor financial adviser. The information here should not be understood legally as financial advice. If you believe anything on this site is in error, please contact me. I am always open to corrections, new ideas, and new opinions...
Jonathan Degani is a licensed insurance agent introducing and selling pension and financial products as opposed to being a pension or financial adviser.  Jonathan Degani is a non-tied agent that predominantly markets pension products of the following companies: Life Insurance – Clal, Harel, Menora, Migdal, Phoenix Pension Funds – Clal Pensia, Harel Pensia-Harel Gilad Pensia, Meitav-Dash Pensia, Menora Mivtachim Pensia, Migdal Makefet, Phoenix Pensia Financial Products – Clal Pensia, Harel Pensia-Harel Gilad Pensia, Meitav-Dash Pensia, Menora Mivtachim Pensia, Migdal Makefet, Phoenix Pensia

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