Everything you always wanted to know about payroll and labor laws but were afraid to ask
The basis for the update to the law expanding tax credit points to returning residents is Aliyah absorbtion, returning quality human capital to Israel and encouraging investors with potential financial capital to make the State of Israel their center of life, by way of targeting them to make Aliyah and invest in the development of Israel’s Economic Resilience. The main points of the …
Continue reading “Updated law – Tax deduction for returning residents”
Holidays are explicitly defined in the labor laws:2 days Rosh Hashana, Yom Kippur, 2 days Sukkot, 2 days Pesach, Shavuot and Yom Ha’atzmaut. Monthly employees are entitled to payment for the Holidays that occur during the month for which payroll is paid, since their base pay is monthly based (set). Such employees receive their regular …
Tax credits value of tax credit point 209 shekels qualifying income ceiling for section 45 alef 8,200 shekels 25% credit ceiling 143.50 shekels 35% credit ceiling 200.90 shekels minimum annual donation (charity) 310 shekels Tax deductions qualifying income ceiling for section 47 8,200 shekels 5% ceiling – savings for section 47 410 shekels Tax exemptions pension …
In 2011, the tax rates (%) remain the same, but the amounts in each bracket have been revised. The new tax rates for 2011 are as follows: monthly gross pay tax rate in % tax up to 5,070 10 507 next 3,590 (up to 8,660) 14 503 next 5,410 (up …
It’s no secret that knowledge is power. It is also very obvious that when people know what their rights are, they aren’t taken advantage of as much. We emphasis all the time that people should know their rights, but what about our youth ? I am talking about high school kids from grade 10 and …
"Night shift" is specifically defined in the "work and rest hours" labor law (1951): "Any work day of which at least two hours are between 22:00 and 06:00 shall be considered night shift." Note: It is enough that a minimum of two hours of the work day/shift are between these hours for the employee to receive all …
Since the changes in the pension plan programs was implemented in Jan 2008, much confusion still exists. In the past when an employee was fired after a minimum tenure of 1 year, they were paid severance pay by the employer. Some employers had a severance pay fund that they contributed to each month in order to …
The following new changes/ updates will go into effect Jan 1st. 2011: 1. The 101 tax form that all employees and pensioners are required to fill out each year has been updated. The new form now includes details in section D on income from scholarships (which are exempt from income tax but must be declared). 2. Section …
There are three types of income that determine the basis for Social Security and Health Tax payments: 1. salaried employee 2. self-employed 3. other income (not work related) The following are exempt from payment: 1. Housewives – provided they are married to an ensured person and that they do not work outside of their household. 2. An insured person who …
Continue reading “Who is exempt from Social security payments ?”
If you have a life insurance policy or a kupat gemel savings account, you have 10 days left (until the end of the tax year) to capitalize on the tax benefits by making a deposit by Dec 31st. If you are self-employed use the deposit slip to claim your tax deduction when filing your taxes. …
Continue reading “10 days left to utilize tax benefits on kupot gemel & life insurance”