standard deduction
noun[CorU]
ACCOUNTING,TAXukusin the US, asystemthatallowssomeone toreportaparticularamountofincomeon which they should notpaytax:
People overage65 areeligiblefor ahigherstandarddeductionthanyoungertaxpayers.
Examplesofstandard deduction
standard deduction
The minimumstandarddeductionwas temporarily increased to $1,900 (joint returns) for one year.
From
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Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.In other words, the taxpayer may generally deduct the total itemized deduction amount, or thestandarddeductionamount, whichever is greater.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.A dependent'sstandarddeductioncan not be more than the basicstandarddeductionfor non-dependents, or less than a certain minimum ($950 in 2010).
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.The percentagestandarddeductionwas increased to 16%, also for one year.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.Most taxpayers are allowed a choice between the itemized deductions and thestandarddeduction.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.Many states allow astandarddeductionor some form of itemized deductions.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.For example, if one person has no significant deductions, the person can take thestandarddeduction($6,100 as of 2013).
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.Thestandarddeductionamount varies by taxpayer filing status.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.Nearly two out of three taxpayers take thestandarddeduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.Alternatively, the individual may claim astandarddeduction.
FromThis example is from Wikipedia and may be reused under a CC BY-SA license.
Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.
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