What are Pre-Tax Deductions and Contributions?

A.
Contributions taken out of your paycheck AFTER taxes are calculated on your income
B.
Contributions taken out of your paycheck BEFORE taxes are calculated on your income

1 answer

B. Contributions taken out of your paycheck BEFORE taxes are calculated on your income.

Pre-tax deductions and contributions reduce your taxable income, which can lower the amount of income tax you owe. Common examples include contributions to retirement accounts like a 401(k) or health savings accounts (HSAs).