Standard deduction an amount subtracted from gross before income tax is figured, so the first chunk of income is untaxed. Where it's taught Income & Take-Home Pay Try it with a calculator Paycheck Calculator Appears in 4 other lessons Which Dollar Is Worth Most: A Raise, a Side Hustle, or Cutting Costs?Gig Work & 1099s: The Self-Employment Tax SurpriseTax Brackets: Your Bracket Is Not Your Tax RateDisability Insurance: Insuring Your Paycheck, Not Just Your Stuff Related terms Effective rateFICA / payroll taxGross payMarginal rateTake-home (net) payTax bracket