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What does deduct mean?

Looking for the meaning or definition of the word deduct? Here's what it means.

Verb
  1. To take one thing from another; remove from; make smaller by some amount.
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Examples
You simply deduct the amount from your income on your tax return and, added bonus, it's at your highest rate of tax.
To determine the amount of the wraparound mortgage, deduct your down payment from the purchase price.
Employers with live-in domestic workers could deduct 10 percent for accommodation, but only if it complied with the minimum standards set.
The payer must deduct standard rate income tax and remit it to the Revenue.
Employers deduct the matching pre-tax amount from each paycheck to gradually build the account to the requested level.
But that doesn't deduct from the artistry and distinction that beams from the rest of the film.

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