Business Dictionary :
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













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