deduct

qualified retirement plan
cash basis taxpayer

Definition

verb
to take money away from a total
Examplesto deduct £3 from the price • to deduct a sum for expenses • After deducting costs the gross margin is only 23 per cent. • Expenses are still to be deducted.
Usage
tax deducted at source
tax which is removed from a salary, interest payment or dividend payment on shares before the money is paid

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