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2015 Israeli Tax Calculator

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legal warning

legal warning: 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...
I recently updated my tax calculator.  The latest version includes the new tax brackets and credits according to 2016.
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.  I’m not perfect and odds are there may be an error or two, especially at the beginning of the year.
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

6 Comments

  1. […] 2015 Israeli Tax Calculator « Shomer Shekalim […]

  2. kate says:

    Thanks for the great calculator! The results on your sheet matched the results on my payslip for January 2016. However, I am a single mother with one child (age 5) I thought I was not supposed to be charged income tax until my salary was over 120,000 NIS/year. Did that change in 2016? Thanks!

    • jonnydegani says:

      How much you pay depends on your points. Did you update the points on the calculator? Did you employer update them as well?

  3. kate says:

    My payslip says I get 4.75 points. Is that right?

    • jonnydegani says:

      Not sure (check with an accountant), but at that rate, you’ll only pay after around NIS 9,800 a month (could be more or less depending on pension) so I guess the 120,000 was an estimate

  4. kate says:

    Now that you mention it, seems my payslip for January 2016 says I have 4.75 points while my payslips for all of 2015 say I got 5.75 points. I am checking with my employer.

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