A bill to amend the Internal Revenue Code of 1954 to allow individuals to take into account business deductions in the calculation of withholding allowances.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individuals to take into account, in the calculation of withholding allowances, deductions for certain business expenses, contributions to pension plans and retirement savings accounts, and other expenditures for which deductions may be made to determine adjusted gross income.…