Below are updated versions of two financial tools I try to update every once in a while. The files below are updated using the new tax information for the new year.
1 – The Israeli tax calculator – This tool 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.
New in this version: In addition to updating the tax brackets and the average wage, I also enterd a line on the bottom for deductions from your paycheck (for example, if you pay for lunch or insurance and the money comes out of your paycheck).
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.
2 – The Job Payoff Index – This tool allows you to see the net payoff of any job including social benefits. If you are offered a high-tech job with great pay and no benefits or a low paying job with government with benefits up the wazoo, you can check and see which is really paying you more (in after tax shekels).
I want to thank those who gave suggestions for improving these sheets, including those who found some bugs and those who sent me e-mails thanking me. Your support is greatly appreciated.
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 firstname.lastname@example.org