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Tag Archives: tax_deductions

Now taking orders – salaried employee’s tax exemption and deductions booklet

If you are a salaried employee, you should know what tax deductions you are eligible for and how to get them. On sale now – for the small price of 50 sh send an email to mo***********@***il.com

Posted bymotal7October 28, 2012Posted inUncategorizedTags: employment, Israel, payroll, salaried_employee, tax_deductionsLeave a comment on Now taking orders – salaried employee’s tax exemption and deductions booklet

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Namemotal7
Company NameIsrapay
Business OverviewCSPP, Certified Senior Payroll Professional; Consultation & Analysis for employers and employees, mini-seminars on payroll and labor law issues

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  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    living in Israel, the only true "democrapic" country in the world, many people feel that there is so much that could be made better. If only the authorities and government offices would actually be service-oriented. If only the government would be attentive to the people’s needs and desires and actually stick to their campaign issues that got them there […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    There are many indications that one can detect if they are aware of them, even in job interviews (!), that will indicate a "bad" boss or mildy put "an employer you do not want to work for. This is especially true in Israel, where some employers just blatantly disregard labor laws. However, things are improving in this area in the last decade […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    Are you presently employed by two employers as a salaried employee ? NOTE: if you are employed by more than two employers, you will need to go to your local Bituach Leumi with a copy of each of your payslips and this article does not  apply to you.  If you are earning less than 4,984 shekels gross pay from your […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    Most employees have an email account at work. While it is assumed by employers that this is to be used for work, many employees use their work email to send occasional private messages too. While this may seem quite normal, there are many borderline activities that may not be completely kosher, but were never ruled upon and […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    OK, I will consent that this is a rare case indeed, and not every employee who mistakenly checks the wrong box on the 101 tax form will be arrested. However, it is important to understand what this form is all about and how to correctly fill it out. The other issue is that purposely filling out incorrect […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    Everyone supports their spouse ! Well at least they should, I mean that’s what spouses are for, to support each other. Yes, but that’s not the kind of support we’re talking about here. Up until Dec 31, 2004, if a husband or wife did not work or have income from a pension or from self-employed work, the working […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 4 months ago

    Due to the recent increase in public transportationl expenses, the munion of industrualists released a memo on Jan 31, 2011 which states that according to the recent collective agreement, the maximum mandatory daily reimbursement for tavel expenses has been updated  to 24.40 shekels per day, as of January 1, 2011.  Moshe Egel-Tal, CSPP Founder and CEO, Israpay   […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    On december 20th, 2010 a law proposal to update the minimum wage law was put in motion in the knesset. The proposed law ammendment would put the minimum wage at 53% of the Average Salary in the Economy (ASE). As of January 2011 the ASE is 8,307 shekels. If approved, the amendment would update the minimum wage from […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    The tax rates below are for salaried employees in Israel who are employed full time with one employer. Part-time employees and daily employees taxes are configured pro-rated. The information is provided as such, In case of any discrepancy, the official laws and directives as set forth by the tax authority are the applicable ones. Tax Rate     2010       […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    I remember vividly an old priceless"Wizard of Id" comic from way back: The first frame showed a horse rider, sent by the king, galloping into town yelling "Hear all". When the townspeople gathered around he anounced "I was sent to rid the land from wretched infidels. In order to pay for the expense I hereby levy a […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    An employee worked in a Hi-tech company for 5 years. In the work contract  between him and the employer it stated that "the employee is eligible to receive a car for his personal use from a leasing company. If the employee chooses this option his salary will be 10,000 shekels (gross) per month; However, if the […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    A private bill was introduced on Dec 20th to the knesset. An amendment to the minimum wage law. The proposal is to set the minimum wage at 53% of the average salary, instead of the current 47.5%. This is in lieu of the recent signing of a new salary agreement between the Histadrut klalit (labor union) and […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    The max amounts that can be withheld as garnished wages have been updated as of Jan 2011. * single                      2,040 shekels * single / divorced / widow + 1 child                                    3,298 shekels * single / divorced / widow + 2 (or        more) children       4,114 shekels  * couple                        3,059 shekels * couple + 1 child          3,549 shekels * couple + 2 (or more) children                                      […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    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 revised law are: 1. […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    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 pay and […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

     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 credit ceiling (for pensioners)               7,990 shekels 35% tax exemption ceiling for pension           […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    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 to 14,070)           23               1,244      next 7,170  (up to 21,240)           […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

        In Germany, a recent court verdict regarding appropriate dress code at the place of work required male employees who want to grow a beard to come to work with it trimmed and neat, and women are required to wear bras to work, not only that, […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 5 months ago

    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 up. They […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    "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 the rights […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    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 offset sudden large […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    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 8 of the […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    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 is unemployed     and has no income […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    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. If you are […]

  • motal7 wrote a new post on the site The Payroll Thing 14 years, 6 months ago

    Self-employed individuals need to pay monthly advances towards their Social Security payments. Many times their accountant will get the advances reduced or stop them altogether. While this may seem normal, it may seriously deprive the self-employed individual with regard to compensation from Social Security in case of a work-related accident. Recently, a self-employed individual sued Social Security for […]

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  • Elderly citizen’s law
  • Now taking orders – salaried employee’s tax exemption and deductions booklet
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