Exemption

(redirected from exempt)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Wikipedia.

Exemption

Direct reductions from gross income allowed by the IRS.

Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

exemption

An annual deduction permitted a taxpayer and each dependent for use in computing taxable income. An extra exemption is allowed for being blind or for being 65 years of age or older. The size of the annual exemption is altered each year according to the level of inflation. Also called personal exemption.

Exemption.

An exemption is a fixed dollar amount that you can subtract from your adjusted gross income to reduce your taxable income. The per-person exemption amount is set by Congress each year, and typically increases from year to year.

If you're over 65 or blind, you qualify for an additional exemption. Taxpayers whose adjusted gross income is higher than the government limit may not qualify for an exemption.

Exemption

A deduction for taxpayer, spouse, and each dependent that is subtracted from income that would otherwise be taxed. The allowable amount must be reduced if adjusted gross income exceeds a specified amount. See our Exemption Allowance rate table for the current amount.
References in classic literature ?
But even if- imagining a man quite exempt from all influences, examining only his momentary action in the present, unevoked by any cause- we were to admit so infinitely small a remainder of inevitability as equaled zero, we should even then not have arrived at the conception of complete freedom in man, for a being uninfluenced by the external world, standing outside of time and independent of cause, is no longer a man.
I think now that he was wise not to care for the advancement which most of us have our hearts set upon, and that it was one of his finest qualities that he was content with a lot in life where he was not exempt from work with his hands, and yet where he was not so pressed by need but he could give himself at will not only to the things of the spirit, but the things of the mind too.
Without being particularly ungracious or repellent in manner or speech, he managed somehow to be immune to impertinent curiosity, yet exempt from the evil repute with which it commonly revenges itself when baffled; so far as I know, Mr.
In fact, I have remarked, that most of the defects which have discovered themselves in the friendships within my observation have arisen from envy only: a hellish vice; and yet one from which I have known very few absolutely exempt.
But through the whole period during which I was the slave of my creature I allowed myself to be governed by the impulses of the moment; and my present sensations strongly intimated that the fiend would follow me and exempt my family from the danger of his machinations.
Under such an interpretation, a flail deduction could be taken for interest on debt incurred to purchase or carry qualified tax-exempt obligations, the interest on which is wholly exempt from Federal income taxes.
The new regulations made a lot of changes in rules, to make it easier for employers to determine who is and who is not exempt from overtime pay.
Publishers, to a person, have tended to assume, "Of course they are exempt, they're professionals.
There are generally three classes of "exempt taxpayers" excluded from the FIE Rules: recent immigrants to Canada (resident in Canada for up to 60 months), most registered pension plans (15) and other persons exempt from Part I tax, (16) and certain Canadian resident trusts in which each beneficiary is exempt from tax.
The taxpayer argued that the proceeds were passive royalty income exempt from tax under IRC section 512(b).
the ranking member on the Senate's Special Committee on Aging, to force all exempt employees into Social Security.