die Absetzung
removal from office
The removal of a person from an office or official position.
Die Absetzung des Ministers erfolgte nach dem Skandal.
The minister's removal from office took place after the scandal.

removal / cancellation / deduction
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removal from office
The removal of a person from an office or official position.
Die Absetzung des Ministers erfolgte nach dem Skandal.
The minister's removal from office took place after the scandal.

'Absetzung' (removal/cancellation/deduction) is derived from the separable verb 'absetzen' (to remove, discontinue, deduct). The prefix 'ab-' (away, down) and 'setzen' (to set, place) describe the basic idea: something is removed from its position, ended, or deposited.
Der König fürchtete seine Absetzung durch die Rebellen.
The king feared his removal from office by the rebels.
The context makes the meaning clear. If it is about politics or a company, it refers to dismissal or removal from office. In a media context, it is about a show being canceled. Words like 'Steuer' (tax) point to finances, and 'Partikel' (particles) to a scientific process.
Die Absetzung des Geschäftsführers überraschte alle.
The removal of the managing director surprised everyone.
In political or professional contexts, people often demand or carry out the 'Absetzung eines Ministers' (removal of a minister), 'einer Regierung' (of a government), or 'eines Geschäftsführers' (of a managing director). Typical verbs are 'fordern' (to demand), 'betreiben' (to pursue), or 'beschließen' (to decide).
Die Opposition forderte die sofortige Absetzung des Präsidenten.
The opposition demanded the immediate removal of the president from office.
In a tax context, the fixed expression 'etwas von der Steuer absetzen' (to deduct something from one's taxes) is very common. As a noun, people speak of the 'steuerliche Absetzung' (tax deduction) of costs.
Er prüft die Möglichkeit der Absetzung seiner Reisekosten.
He is checking the possibility of deducting his travel expenses.
attitude / setting
'die Einstellung' and 'die Absetzung' can both mean that something is not being continued. 'Einstellung' fits generally when a procedure, production, or service is ended. 'Absetzung' is used especially for shows, series, or products that are taken out of the program or offering. The words can be confused because both express an ending. 'Einstellung' is more natural when it is about a general stop; 'Absetzung' sounds more precise when a series, show, or product no longer appears.

Nach schlechten Einschaltquoten wurde die Absetzung der Serie bekannt gegeben.
After poor ratings, the cancellation of the series was announced.
Die Einstellung der Buslinie trifft viele ältere Menschen im Dorf.
The discontinuation of the bus route affects many older people in the village.