Examlex
What is roaming? What are its applications?
Deductions
Expenses that can be subtracted from gross income to reduce taxable income, such as mortgage interest, medical expenses, and charitable contributions.
Tax Credit
A direct reduction in tax liability, not merely a reduction in taxable income, that can decrease the amount of taxes owed.
Tax Deduction
A reduction in taxable income for certain expenses, allowing individuals or entities to pay less tax.
Social Security Taxes
Taxes levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, disabled individuals, and survivors.
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