
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.

cancellation
The ending or discontinuation of a show, series, or product.
Die Fans protestierten gegen die Absetzung ihrer Lieblingsserie.
The fans protested against the cancellation of their favorite series.

tax deduction
The deduction of certain costs from tax liability in order to reduce the tax burden.
Die Kosten für das Arbeitszimmer können unter bestimmten Umständen zur steuerlichen Absetzung gebracht werden.
The costs for the home office can, under certain circumstances, be claimed as a tax deduction.

sedimentation
The process in which solid particles in a liquid settle at the bottom; sedimentation.
Durch die langsame Absetzung der Partikel wurde das Wasser wieder klar.
Through the slow sedimentation of the particles, the water became clear again.
'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
Both words can refer to the end of a show or series. Einstellung generally describes the fact that it is no longer being continued, whereas Absetzung particularly emphasizes the provider's decision to stop broadcasting or producing it. Use Absetzung when this decision is the main focus.

Die Absetzung der Serie wurde vom Sender nach der letzten Staffel beschlossen.
The network decided to cancel the series after the final season.
Die Einstellung der Serie bedeutet, dass heute keine neuen Folgen mehr produziert werden.
The discontinuation of the series means that no new episodes will be produced anymore.