verb (used with object)
to take away, as from a sum or amount: Once you deduct your expenses, there is nothing left.
verb (used without object)
detract; abate (usually followed by from ): The rocky soil deducts from the value of his property.

1375–1425; late Middle English < Latin dēductus brought down, withdrawn, past participle of dēdūcere; see deduce

prededuct, verb (used with object)
undeducted, adjective

deduce, deduct.

1. See subtract.

add. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
deduct (dɪˈdʌkt)
(tr) to take away or subtract (a number, quantity, part, etc): income tax is deducted from one's wages
[C15: from Latin dēductus, past participle of dēdūcere to deduce]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

early 15c., from L. deductus, pp. of deducere "lead down, bring away;" see deduce, with which it formerly was interchangeable. Technically, deduct refers to taking away portions or amounts; subtract to taking away numbers.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Doe takes advantage of the offer, buys the computer and tries to deduct its
They predict that more colleges will choose to deduct gift fees from new.
One must then deduct that credit because he makes ignorant and curmudgeonly
Scanners would deduct the cost of a fare every time its user climbs aboard a
  bus or other vehicle.
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