Etymology
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deduct (v.)

early 15c., "to take away, separate, or remove in estimating or counting," from Latin deductus, past participle of deducere "lead down, bring away;" see deduce, with which it formerly was interchangeable. Deduct refers to taking away portions or amounts; subtract to taking away numbers. Related: Deducted; deducting.

Deduct is to lead away, set aside, in a general or distributive sense; subtract, to draw off, remove, in a literal or collective sense. In settling a mercantile account, certain items, as charges, losses, etc. are deducted by being added together and their total subtracted from the grand total of the transaction. [Century Dictionary]

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Definitions of deduct

deduct (v.)
make a subtraction;
Synonyms: subtract / take off
deduct (v.)
retain and refrain from disbursing; of payments;
Synonyms: withhold / recoup
deduct (v.)
reason by deduction; establish by deduction;
Synonyms: deduce / infer / derive
From wordnet.princeton.edu