Business / Accounting / Itemized Deduction: Amounts paid by an individual taxpayer for personal and quasi-business expenses that can be deducted in computing taxable income, such as medical expenses, property and income taxes, mortgage and investment interest, charitable contributions, moving expenses, casualty and theft losses, and certain miscellaneous expenses.
Deduction Noun Synonyms: conclusion, inference, finding, reasoning, result
Deduction Verb Synonyms: subtraction, diminution, decrease, reduction, withdrawal, removal, abstraction
Business / Debt / Net-After Deductions: An amount of money e.g. income you take home after income tax, national insurance contributions, payments towards a pension scheme or any other deductions have been deducted, usually by your employer MORE
Business / Accounting / Payroll Deduction: An amount subtracted from a paycheck as the government requires or the employee requests. Mandatory deductions include various taxes. Voluntary deductions include loan payments or deposits into saving MORE