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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
Per diem
Per diem is a Latin word that means by (per) the day (diem).
W9
W9 is a tax form used in the United States by businesses to request the taxpayer identification number (TIN) of individuals or entities they pay.
Performance review
A formal assessment in which a manager evaluates an employee’s work performance.
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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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