Dependency Deduction - Law Dictionary Search Results
Home Dictionary Name: dependency deductiondependency deduction
dependency deduction see deduction ...
deduction
deduction 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, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
Dependant and dependent
Dependant and dependent. Under s. 4 of the Workmen's Compensation Act, 1925:--(1) The dependants of a workman entitled to claim compensation under this Act where the injury results in death are such of the members of the workman's family as were wholly or in part dependent upon the earnings of the workman at the time of his death, or would but for the incapacity due to the accident, have been so dependent, and where the workman, being the parent or grand-parent of an illegitimate child, leaves such a child so dependent upon his earn-ings, or, being an illegitimate child, leaves a parent or grandparent so dependent upon his earnings, shall include such an illegitimate child and parent or grandparent respectively.(2) A person shall not be deemed to be a partial dependant of another person unless he was dependent partially on contributions from that other person for the provision of the ordinary necessaries of life suitable for persons in his class and position.(3) 'Member of a family' me...
business deduction
business deduction see deduction ...
charitable deduction
charitable deduction see deduction ...
deduct
deduct : to take away (an amount) from a total ;specif : to take as a deduction [must be capitalized…rather than immediately ed "D. Q. Posin"] compare amortize ...
deductible
deductible : allowable as a deduction de·duc·ti·bil·i·ty [-dək-tə-bi-lə-tē] n n : a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against ;also : the amount specified in such a clause compare franchise ...
itemized deduction
itemized deduction see deduction ...
marital deduction
marital deduction see deduction ...
mortgage interest deduction
mortgage interest deduction the interest cost of a mortgage, which is a tax - deductible expense. The interest reduces the taxable income of taxpayers. Source: U.S. Department of Housing and Urban Development ...
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