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Reyna Mccall
Social Studies
3 September, 17:36
Which is an example of an income deduction?
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Selina Harrell
3 September, 17:42
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An unexpected salary cut.
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Tristan Burgess
3 September, 17:58
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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.
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