standard deduction

standard deduction
An optional deduction allowed the taxpayer in computing net income for federal income tax. Internal Revenue Code § 141. A similar deduction in computing net income for state income tax.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

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  • optional standard deduction — See standard deduction …   Ballentine's law dictionary

  • deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex …   Law dictionary

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • standard — Stability, general recognition, and conformity to established practice. Standard Accident Ins. Co. v. Standard Surety & Casualty Co., D.C.N.Y., 53 F.2d 119, 120. A type, model, or combination of elements accepted as correct or perfect. A measure… …   Black's law dictionary

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