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A deduction is a minimum that must be met. A contribution is a voluntary thing that is given from a person.

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Q: What are the Differences between deductions and contributions?
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Related questions

What are types of payroll deductions?

Deduction from employees, Earnings for employees, Employee statutory deductions, Employers statutory contributions, Gratuity, Loans and advances and Reimbursement to employees are the types of payroll deductions


What is the difference between deductions and contributions?

A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.


Are there any tax deductions for retired people?

There are several tax deductions for retired people including medical and dental expenses. Other deductions include the sale of a home, contributions to a retirement account and any expenses for investments.


What has the author John F Woyke written?

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What are the differences between ordinary revenue and capital contributions in an enterprise fund?

Hi email me your question at mr.jayantkumar@gmail.com and I will answer your questions.


What two deductions are withheld under the FICA heading?

Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.


What two deductions are withheld under FICA heading?

Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.


What two payroll deductions are withheld under the fica heading?

Medicare and Social Security are the payroll deductions withheld under FICA. These federal benefit programs are a part of the Federal Insurance Contributions Act.


Does federal income tax bracket include Social security Medicare deductions?

SS contributions are not a deduction from taxable income. The tax bracket schedule is on taxable income, that is after all inclusions and exemptions/deductions.


What are non statutory deductions?

its a voluntary deduction from the pay of employee. like:1.subscription to trade union 2.contributions to a pension scheme 3.deductions under holiday pay schemes etc. a.r.


What are non-statutory deductions?

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Why is there such a difference between net and gross on a paycheck?

There must be a lot of deductions. Depending on the country that you live in, there will be tax, National Insurance or pension contributions, charitable donations from pay, union dues etc. Not all will be relevant everywhere.