Benefit Deduction
/ˈbɛnɪfɪt dɪˈdʌkʃən/
Definitions
- (n.) An amount withheld from an employee's gross wages to cover costs of benefits such as health insurance, retirement plans, or other employer-provided benefits.
The payroll statement showed a benefit deduction for the employee's health insurance premium.
Forms
- benefit deduction
- benefit deductions
Related terms
See also
Commentary
Benefit deductions typically reduce taxable income and must comply with relevant labor and tax laws.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.