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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
On-boarding
Onboarding refers to the process of integrating new employees into an organization.
13th month
A thirteenth salary, or year end bonus.
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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