Which is an example of an income deduction?

Question

Social Studies

Memphis Bernard

8 January, 16:37

Which is an example of an income deduction?

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Answers (2)

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Lilah · Answer 1

Income deduction is an expenditure subtracted from gross income. This results in reduction of the income.

Example : if you earn $60,000 and claim a deduction for $2,000, then your taxable income is reduced to $58,000.

Expenses that are always deductible are investment losses and charitable contributions.

Juliette Lester · Answer 2

Juliette Lester 8 January, 19:29

0

An unexpected salary cut.