personal exemption

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Personal exemption

Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Personal Exemption

In U.S. tax, the amount of personal income that is not taxed. That is, the personal exemption is money that is not included in one's adjusted gross income when calculating one's tax liability. One receives additional exemptions for a spouse, children, and if one is over 65 or blind. Congress sets the amount of the personal exemption each year.
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personal exemption

See exemption.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
As of the end of 2017, The District of Columbia, Idaho, New Mexico, and Utah all began their tax calculations with federal AGI, (7) then directly linked to the federal standard deduction and personal exemptions. Taxpayers in these states could claim either the full federal standard deduction or personal exemption or a percentage of these amounts on their state return.
And so with the elimination of the personal exemption in computing taxable income.
'Solo parents could also claim tax amnesty and/or reduction of real estate or inheritance taxes, as well as P50,000 personal exemption from the individual income tax in addition to the existing exemption that a solo parent may claim for their children,' she added.
The AMA said that Yen was also honored for standing up for vulnerable populations, filing legislation to repeal the state's personal exemption to vaccines law and his push to increase health funding.
The Vashon Island School District, for instance, ranks among the school districts with the highest number of families claiming the personal exemption, with 16.3 percent using it to decline one or more vaccinations for their children.
Earlier, the application of Sharif and his daughter seeking a personal exemption in the Avenfield reference was turned down by trial court judge Mohammad Bashir and had directed the defence counsel to ensure their presence in the court at the next hearing.
The personal exemption, which has been part of the tax code (Section 151) and has existed in some form since 1862, has been eliminated.
The personal exemption amount for single, filing separately, and head of household filers increased to $109.
The first bracket after the standard deduction and personal exemption is 10 percent.
The court heard the judges' detention case Monday and accepted his plea for personal exemption of appearance for today's hearing.

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