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.
Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items.Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI.djusted gross income is gross income less deductions from a business or rental activity and 21 other specific items.