Princeton's WordNet(0.00 / 0 votes)Rate this definition: reference point, point of reference, reference(noun) an indicator that orients you generally. it is used as a reference for comparing the heating and the electrical energy involved.
One of the first deductions from gross income is the appropriate personal exemption for an individual and his spouse and dependents. In addition to the personal exemption, taxpayers can take further deductions, either in the form of a standard deduction or by itemizing deductions.
The modified adjusted gross income is found by taking the individual's adjusted gross income and adding back certain items such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. Next Up.