exemption

exemption: ex·emp·tion /ig-'zemp-shən/ n

1: the act of exempting or state of being exempt

2: one that exempts or is exempted: as

a: an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also internal revenue code in the important laws section compare deduction, exclusion, tax credit

de·pen·den·cy exemption /də-'pen-dən-sē-/: an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code)

◇ Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24.

per·son·al exemption: an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return

b: the right created by federal and state laws to exempt specified types of property from a bankruptcy estate

precludes the debtor from using the exemption s in the Bankruptcy Code; also: a type of property that may be claimed as exempt see also bankruptcy code in the important laws section

c: homestead exemption

exemption: I noun allowance, discharge, disengagement, exception, freedom, freedom from duty, freedom from liability, freedom from obligation, freedom from requirements, freedom from service, immunitas, immunity, liberation, liberty, license, permit, privilege, release, release from liability, release from obligation, special privilege, vacatio, vacuitas associated concepts: exemption from jury service, exemption from sale, exemption statute, homestead exemption, personal exemption, tax exemption II index clause, clemency, condonation, discharge (liberation), discharge (release from obligation), dispensation (exception), exception (exclusion), exclusion, excuse, franchise (license), freedom, grace period, immunity, impunity, leave (permission), privilege, probation, qualification (condition), release, remission, reservation (condition), respite (reprieve), salvo

exemption: n.

(1) Freedom from a normal obligation.

(2) In taxation, a deduction given to a taxpayer for him- or herself and for dependents.

exemption: 1) In tax law, an amount taxpayers are allowed to deduct from their taxable income based on a circumstance or their status. Each year, taxpayers get an exemption for themselves, each dependent, blindness or other disability, and for being over age 65.

2) In debt and bankruptcy, protection for certain types and amounts of assets from being taken by creditors or by the trustee in bankruptcy court to pay off debts. (See: homestead exemption)

Category: Personal Finance & Retirement → Money & Taxes for Retirees

Category: Personal Finance & Retirement → Taxes

exemption: n. The state of not being subject to a responsibility held by others; in taxes, an amount subtracted from gross income to determine taxable income.

exemption: n.

1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions, which reduce gross income upon which taxes are paid.

2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

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Synonyms:

Immunity, privilege, release, exception, freedom from liability

Look at other dictionaries:

exemption — [ ɛgzɑ̃psjɔ̃ ] n. f. • 1411; lat. exemptio → exempt 1 ♦ Dispense (d une charge, d un service commun). Exemption du service militaire (⇒ réforme) . Exemption d impôts, de taxes. ⇒ exonération, franchise. Exemption d obligations. ⇒ décharge.… … Encyclopédie Universelle
Exemption — • The whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank, and the placing of the person or body thus released under the control of the authority… … Catholic encyclopedia
Exemption — Ex*emp tion, n. [L. exemptio a removing: cf. F. exemption exemption.] The act of exempting; the state of being exempt; freedom from any charge, burden, evil, etc., to which others are subject; immunity; privilege; as, exemption of certain… … The Collaborative International Dictionary of English
exemption — exemption, immunity are comparable when meaning the act or fact of freeing or the state of being free or freed from something burdensome, disagreeable, or painful. Exemption is more restricted in its meaning, for it applies usually to a release… … New Dictionary of Synonyms
exemption — Exemption, Immunitas. L immunité et exemption qu on a merité par le moyen des services qu on a fait à la republique, Vacatio rerum gestarum. Avoir exemption, Habere immunitatem. Donner exemption d aucune charge, Dare immunitatem alicuius muneris … Thresor de la langue françoyse
exemption — Exemption. s. f. v. (Le P se prononce.) Droit, grace, privilege qui exempte, immunité. Exemption de tailles, de toutes charges publiques. on luy a donné un arrest d exemption, accordé une exemption … Dictionnaire de l'Académie française
exemption — [eg zemp′shən, igzemp′shən] n. [ME exempcioun < OFr exemption < L exemptio] 1. an exempting or being exempted; freedom or release from a liability, obligation, etc.; immunity 2. a) the exempting from an individual s taxable income of a… … English World dictionary
exemption — late 14c., from O.Fr. exemption, exencion or directly from L. exemptionem (nom. exemptio) a taking out, removing, noun of action from pp. stem of eximere (see EXEMPT (Cf. exempt)) … Etymology dictionary
exemption — A state or federal statute which shields certain property from the claims of unsecured creditors (SA Bankruptcy.com) Property that the Bankruptcy Code or applicable state law permits a debtor to keep from creditors. (BankruptcyAction.com)… … Glossary of Bankruptcy
exemption — [n] freedom from a responsibility absolution, discharge, dispensation, exception, exoneration, immunity, impunity, privilege, release; concepts 652,685,691 Ant. account ability, answerability, liability, responsibility … New thesaurus

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exemption

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