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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
Global payroll
Refers to all the practices needed to administer payroll to individuals across the globe.
ACH
(Automated Clearing House) or ACH transaction, is an electronic bank to bank money transfer.
Compliance
Compliance exists to ensure that banks operate with integrity.
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