Definition
Deductions refer to amounts subtracted from an employee's gross salary or wages to account for various liabilities, obligations, or adjustments. Deductions may include deductions for taxes, insurance premiums, retirement contributions, loan repayments, or other withholdings authorized by law or agreed upon by the employee. Deductions can impact an employee's net pay or take-home pay and may vary depending on individual circumstances, employment agreements, or regulatory requirements.
Our trending searches definitions
Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.