standard deduction definition

standard deduction

Fixed amount that a tax payer is allowed to deduct from his or her adjusted gross income, in lieu of itemizing deductible personal expenses. Standard deduction amount is usually pegged to the inflation rate, and varies with the tax payer's category such as single individual, married couple filing together, married couple filing separately, head of household.

standard deduction is in the Corporate, Commercial, & General Law subject.

standard deduction appears in the definitions of the following terms: adjusted gross income and taxable income

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