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Business Dictionary :
Deduct
Deduct
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Deduct : verb : to remove money from a total
• To deduct £3 from the price
• To deduct a sum for expenses
• After deducting costs the gross margin is only 23%.
• Expenses are still to be deducted.
Tax deducted at source = tax which is removed from a salary, interest payment or dividend payment on shares before the money is paid
Deductible : adjective : the amount which can be deducted Tax-Deductible = which can be deducted from an income before tax is paid
• These expenses are not tax-deductible = tax has to be paid on these expenses.
Deduction : noun : removing of money from a total or money removed from a total
• Net salary is salary after deduction of tax and social security.
Deductions from Salary = money which a company removes from salaries to give to the government as tax, national insurance contributions, etc…
Salary Deductions = money which a company removes from salaries to give to the government as tax, national insurance contributions, etc…
Deductions at Source = money which a company removes from salaries to give to the government as tax, national insurance contributions, etc…
Tax Deductions = (i) money removed from a salary to pay tax
Tax Deductions = (ii) US business expenses which can be claimed against tax
