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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
Relocation
Relocation refers to the process of moving an employee from one geographical location to another, typically to support business needs.
Freelancer
Freelancer, or freelance worker, are terms commonly used for a person who is self-employed.
PTO
PTO is a benefit that allows employees to take time away from work while still receiving their regular pay.
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