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Deductions
FinanceSource: Standard payroll / personal finance
Money taken off your pay before you receive it.
Example
A summer job pays $80. The payslip takes off $10 before the money arrives. That $10 is a deduction, so $70 reaches the account.
How it fits in
Deductions can include taxes, contributions, repayments, or other amounts. In the Wealth simulator, deductions are fixed learning values attached to each salary band. They help learners read a payslip without using real employment data.
Where this is taught
Practise it on the platform
Related terms
Compound Interest
When the money you earn from saving starts earning its own money on top.
Simple Interest
Interest paid only on the original amount, never on the interest you have already earned.
Needs vs Wants
Needs are the things that keep you safe and well. Wants make life nicer. Mixing them up is what empties most budgets.