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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
Cutoff date
The cutoff date is the last day within the payroll cycle.
PTO
PTO is a benefit that allows employees to take time away from work while still receiving their regular pay.
Payroll Taxes
Payroll taxes are mandatory contributions that employers and employees must pay to the government based on wages or salaries.
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