What STANDARD DEDUCTION means: An amnount provided by the tax law in lieu of itemized deductions. A taxpayer whose gross income is not more than the sum of the standard deduction and exemptions generally does not have to pay tax. See our Standard Deductions rate table for the current amounts. The amount varies according to filing status. An additional amount is allowed for taxpayers 65 or older or blind. Taxpayers who may be claimed as dependents on other taxpayers' returns may have a reduced standard deduction.
- Definition Section (Followed By A Number):
- Dictionary The section of the tax Code in which particular laws are given standard deduction.
- Definition Statutory Employee:
- Dictionary treated as an employee for social security and Medicare tax purposes and as self-employed for income tax purposes. The "Statutory employee" box on such a worker's Form W-2 should be standard deduction.
- Definition Support:
- Dictionary provided on behalf of an individual. Support includes food, lodging, and other necessities as well as recreation and other nonessential expenditures. Support is not limited to necessities and can be standard deduction.
- Definition State And Local Income Tax Withheld:
- Dictionary The amounts withheld from income and submitted to the state or local tax division as an advance payment of the taxpayer's state or local income tax standard deduction.
How works Standard Deduction meaning in Tah definition S .