Hi, Laurie & ETNIans--
Before you throw away any payslips, trace the destination and current
status of deductions that were made for pension plans and educational
purposes (keren hishtalmut).
You may find some small or not-so-small savings plans that you were not
aware of.
For income tax purposes, keep payslips for the last 5 years unless you have
form 106s that represent the payments listed on those payslips.
If you already receive Bituah Leumi, you must report your earnings from
work to Bituah Leumi until age 70, after which you can earn any amount
without having your Bituah Leumi payments reduced.
If you are working "atzmai", you must inform your kupat holim. In the case
of Kupat Holim Clalit, they will give you a booklet of monthly invoices
based on your estimated annual earnings. This payment is in addition to
"mas briut" that is probably deducted from your Bituah Leumi income.
Best regards,
Izzy
Israel A Cohen (age 78)
Petah Tikva
From: Lauren Ornstein <laurenmadeline@xxxxxxxxx>
Subject: payslips question
I've a question regarding payslips. How long must one keep these pieces of
paper? I've got piles of old payslips going back to who knows when. (I've
since retired and am working part-time.) I'm moving this summer and would
love to recycle them if possible.
Thanks!
Laurie
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