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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
BIC
BIC stands for Bank Identifier Code.
Gross salary
The gross salary corresponds to the total payments received by the employee.
ACH
(Automated Clearing House) or ACH transaction, is an electronic bank to bank money transfer.
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Nigeria boasts a diverse talent pool. From skilled Whether you're growing globally or managing local teams, RemotePass makes HR and payroll seamless—across regions, time zones, and every step of the way—with the support you can count on. in finance to talented software developers, you can find a wide array of talent to meet your needs.
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