ECONOMICS
MONEY MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Budget
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Expenses
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Deductions
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Income
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Detailed explanation-1: -Source Deduction means a payment made by the employer from wages as a deduction from the employee’s pay before the net pay is deposited (e.g. Employment Insurance, Health Benefits, Canada Pension Plan).
Detailed explanation-2: -Pre-tax deductions: Medical and dental benefits, 401(k) retirement plans (for federal and most state income taxes) and group-term life insurance. Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments.
Detailed explanation-3: -Tax Deducted at Source (TDS) is a specific amount that is deducted when a certain payment like salary, commission, rent, interest, professional fees, etc. is made.
Detailed explanation-4: -repairs to building [section 30(a)(ii)]; current repairs to machinery, plant or furniture and insurance premium [section 31]; depreciation on building, machinery, plant or furniture [section 32]; and. unabsorbed depreciation [section 32(2)].