Amounts or items subtracted as allowable expenses from gross income for income tax purposes or from gross estate for death tax purposes.
is money you spend to enable you to earn income - allowable deductions only - such as stationery, equipment, rent, electricity, telephone and tools. The value of the deduction is subtracted from assessable income to calculate your taxable income.
Transactions which cause a reduction in your account, including, but not limited to, withdrawals, expense charges and loan disbursements.
Tax items which may be subtracted from gross income to arrive at taxable income in Federal income tax computations.
Generally these are items that reduce one's total income and therefore reduce one's overall tax liability.
Amounts or types of income that can be excluded from taxable income. In addition to personal exemptions, taxpayers can take either a standard deduction or itemized deductions, such as home mortgage interest and charitable contributions.
An expression used to refer to all deductions from premium such as BROKERAGE, COMMISSION, taxes etc.
Money that may be subtracted from a total cost, such as some costs of homeownership that may be deducted from the amount of income on which you pay federal income taxes.
Amount subtracted from gross pay
amounts subtracted from gross pay, some required and some optional; expenses allowed by law that are subtracted from adjusted gross income
Amount of expense that is subtracted from gross income for determining taxable income.
Eligible operating expenses that may be used to reduce the annual gross income subject to taxation.
All sales, leases and rentals of tangible personal property and services on which sales tax is not required to be collected, including sales for resale, sales to exempt organizations, sales shipped out-of-state, specifically exempt items, etc.
Expenses you are permitted to subtract from your taxable income. All taxpayers may claim a standard deduction amount - $9,700 for 2004 joint returns, for example. If your qualifying expenses exceed your standard deduction, you may claim the higher amount by itemizing your deductions. Although no records are needed to back up your right to the standard deduction, you must maintain records of qualifying expenditures if you itemize.
Expenses the government allows you to subtract from your taxable income. If you have taxable income of $31,000 and deductions of $4,000, then you would figure how much tax you owe on the difference -- $27,000.
Amounts subtracted or withheld from your gross income (def. 1). Some deductions, such as taxes , are required by law. Others are elective. For example, you might have the option of putting part of your earnings aside in a pension plan, individual retirement account (IRA), or other savings account . You also might instruct your credit union to automatically regularly deduct a loan payment so that you don't have to remember to write a check each month (also called "payroll deductions").
are subtractions from gross income for the purpose of determining a tax bill. They are not the same as credits, which are subtracted from the actual tax paid.
Point values subtracted from a skater's marks due to error made by the skater or violations of the rules.
When calculating a householdâ€™s monthly food stamp benefit, food stamp rules require calculation of its net income, with lower net income amounts (larger deductions) producing higher food stamp benefits. This calculation is done by subtracting a series of dollar deductions from the householdâ€™s total cash monthly income, so as to better reflect the amount of money the household has available for food spending. Food stamp deductions include: (1) a "standard deduction" ($134 a month) that is subtracted for all recipients, (2) an earned income deduction (20% of any earnings) in recognition of taxes and work expenses, (3) a deduction for dependent care expenses related to work or training (up to certain limits), (4) a deduction for child support payments, (5) a deduction for medical expenses above $35 a month (only available to elderly and disabled recipients), and (6) a deduction for excessively high shelter expenses (those above roughly one-third of a householdâ€™s income, up to certain limits).