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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
Payment cycle
A payment cycle refers to the interval of time from the end of one payment date to the next.
Exit interview
An exit interview is a meeting with an employee who is about to leave, or has recently left.
Gross salary
The gross salary corresponds to the total payments received by the employee.
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