Questions: Which is an example of an income deduction? an unexpected salary cut wages lost due to illness vacation budget retirement savings

Which is an example of an income deduction? an unexpected salary cut wages lost due to illness vacation budget retirement savings
Transcript text: Which is an example of an income deduction? an unexpected salary cut wages lost due to illness vacation budget retirement savings
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Solution

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Answer

The answer is retirement savings.

Explanation
Option 1: An unexpected salary cut

An unexpected salary cut is a reduction in the amount of income one receives, but it is not a deduction from income. It is an external factor affecting the total income.

Option 2: Wages lost due to illness

Wages lost due to illness are also not considered an income deduction. This is an absence of income due to not being able to work, rather than a planned deduction from income.

Option 3: Vacation budget

A vacation budget is an allocation of funds for future spending on a vacation. It is not a deduction from income but rather a planned expenditure.

Option 4: Retirement savings

Retirement savings are a portion of income that is set aside and deducted from one's current earnings to be used in the future. This is a classic example of an income deduction, as it is money taken out of one's paycheck and placed into a retirement account.

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