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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
Form 1099
A 1099 is another IRS form, most commonly used by employers when they hire contractors.
Payment cycle
A payment cycle refers to the interval of time from the end of one payment date to the next.
AML screening
AML, or anti-money laundering, screening is a critical part of compliance.
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Hear what teams love
about using RemotePass.
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Our work with RemotePass is a partnership based on trust and credibility we are proud to have. With RemotePass services, onboarding and payroll for our global team is well managed and our employees feel safe and cared for.
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