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Tax deduction
Tax deductions are amounts you can subtract directly from your income.
Tax deductions are amounts you can subtract directly from your income prior to calculating how much tax you owe. Businesses often have many more tax deductions than individuals, however individuals may have some such as retirement contributions, moving expenses, or spousal payments. The idea is to lower your overall income so that it is taxed at a lower rate.
Related Glossaries
Remote hiring
Process whereby all interviews are conducted not in person, but rather over platforms such as zoom.
Maternity leave
A ital workplace benefit that provides expectant mothers with time off from work before and after childbirth.
Payment cycle
A payment cycle refers to the interval of time from the end of one payment date to the next.
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