What are the differences between each TAX?

Christy Tirabassi: The first 4 are not taxes. The last one is a tax.Tax deductible means you do not pay tax on it. You subtract it from your other income and pay tax on the difference. It is the opposite of a tax.Tax deferred means that you do not pay tax now; you pay it later.Taxable and taxed both mean that there is a tax on something.Income tax is the amount of tax on the money that you make....Show more