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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
Off-cycle payment
"Off cycles", occur when payments are processed outside of the regular payroll cycle.
Parental leave
An employee benefit that provides job-protected leave from employment to care for a child.
Tax collection
Tax collection refers to the process by which governments collect taxes from individuals and businesses to fund public services and infrastructure.
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