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Understanding Pre-Tax vs. Post-Tax Deductions. Pre-tax deductions are when your employer pulls money out of your check before the IRS gets its claws on its share of your...
When you make contributions to a pre-tax plan such as a traditional 401 (k) or 403 (b) plan, that portion of your paycheck isn’t subject to income tax withholding.
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits.
Pre-tax deductions are deductions that are taken out of an employee's gross pay amount before it is subject to tax. [7] and could include health, dental, or life insurance, deductions for certain retirement accounts, or deductions for FSA or HSA accounts.
In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at "adjusted gross income" for the taxable year. These deductions are set forth in Internal Revenue Code Section 62.
You can deduct certain expenses whether you take the standard deduction or itemize. To find out what tax deductions you can claim, you should understand what’s available to you.