deductible

from The American Heritage® Dictionary of the English Language, 5th Edition.

• adjective That can be deducted, especially with respect to income taxes.
• noun Something, such as an expense, that can be deducted, as for income-tax purposes.
• noun A clause in an insurance policy that exempts the insurer from paying an initial specified amount in the event that the insured sustains a loss or must pay for services otherwise covered under the policy.
• noun The specified amount that must be paid by the holder of such a policy.

from The Century Dictionary.

• Capable of being deducted or withdrawn.
• Deducible.

from the GNU version of the Collaborative International Dictionary of English.

• adjective Capable of being deducted, taken away, or withdrawn.
• adjective Deducible; consequential.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• adjective That can be deducted
• noun US, insurance Amount of expenses that must be paid out of pocket before an insurer will pay any expenses.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• adjective acceptable as a deduction (especially as a tax deduction)
• noun a clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount
• noun (taxes) an amount that can be deducted (especially for the purposes of calculating income tax)