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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
Full time employee
Workers with a minimum number of hours defined as such by the employment standard.
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.
Global payroll
Refers to all the practices needed to administer payroll to individuals across the globe.
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