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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
Payroll Taxes
Payroll taxes are mandatory contributions that employers and employees must pay to the government based on wages or salaries.
Health insurance
Allows individuals to receive medical, dental, vision, and other medically-related care.
Parental leave
An employee benefit that provides job-protected leave from employment to care for a child.
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