Income Tax Calculator for Year of Income 2017


Type of Taxpayer:
Payment Type:
Gross Income ($):
        

Calculation Methodology

 

General Income Tax use cases for Year of Income 2017

  • Your Non-taxable Income is set at 60,000 per month.
  • If you earn 60,000 or less per month OR 720,00O or less per year, no Income Tax is deducted from your salary
  • NIS is NON-Taxable and is deducted before final tax is calculated
  • NIS Deductions - Explained 

Considerations for Monthly Calculations:

  • If you earn more than 60,000 per month and less than or equal to 180,000 per month, 28% Income Tax is deducted
  • If you earn more than 180,000 per month, 1/3 of the gross salary you earn is your Non-Taxable Income
  • If you earn more than 180,000 per month, your Income Tax deducted is calculated in two (2) parts:

                Before the deductions are made; 1/3 of the gross amount needs to be calculated as your Non-Taxable Income, then:

                     1)   28% of the first 120,000 of your chargeable income is deducted and           
                     2)   40% of every dollar of chargeable income above $120,000 is also deducted

Considerations for Annual Calculations:

  • If you earn more than 720,000 per year and less than or equal to 2,160,000 per year, 28% Income Tax is deducted
  • If you earn more than 2,160,000 per year, 1/3 of the gross salary you earn is your Non-Taxable Income
  • If you earn more than 2,160,000 per year, your Income Tax deducted is calculated in two (2) parts:

Before the deductions are made; 1/3 of the gross amount needs to be calculated as your Non-Taxable Income, then:

                     1)   28% of the first 1,440,000 of your chargeable income is deducted and
                     2)   40% of every dollar of chargeable income above 1,440,000 is also deducted