deduction
US /dɪˈdʌkʃən/
Definition
a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
Tested in TOEIC business and workplace contexts.
Examples
A deduction for health insurance appears on your pay slip.
Word Family
Synonyms
- discountthe act of reducing the selling price of merchandise
- write-off(accounting) reduction in the book value of an asset
Collocations
- Easy make a deductionto create, produce, or cause regarding a deduction
- Medium tax deduction benefitsto tax deduction benefits, meaning to levy a tax on
- Hard itemized payroll deduction breakdownto itemized payroll deduction breakdown, meaning to specify individually
- Very Hard powers of logical deduction in forensicsto powers of logical deduction in forensics, meaning to supply the force or power for the functioning of
Learner's English edition · Curated definitions for TOEIC learners.