- personal exemption
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personal exemption see exemption
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
personal exemption
Look at other dictionaries:
personal exemption — ˌpersonal exˈemption 7 [personal exemption] (NAmE) (BrE ˌpersonal alˈlowance) noun the amount of money you are allowed to earn each year before you have to pay ↑ … Useful english dictionary
personal exemption — Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation. Bloomberg Financial Dictionary * * * personal exemption ˌpersonal exˈemption noun [countable] TAX ACCOUNTING the… … Financial and business terms
Personal Exemption — The dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. A separate personal exemption is accorded to every man, woman and child in the U.S. that must file a return. For example the amount of… … Investment dictionary
personal exemption deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
personal exemption — personal ex emption n AmE the amount of money that you can earn each year before you must pay ↑income tax … Dictionary of contemporary English
personal exemption — personal ex emption noun count AMERICAN an amount of money that you can earn each year before you have to start paying tax on your income … Usage of the words and phrases in modern English
personal exemption — See exemption; tax exemption … Ballentine's law dictionary
United States Federal Income Tax Personal Exemption — A deduction for a Personal Exemption amount for the individual taxpayer, the taxpayer s spouse, and the taxpayer s child or other dependent for purposes of calculating a U.S. taxpayer s federal income tax is provided in the Internal Revenue Code… … Wikipedia
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… … Law dictionary
exemption trust — A bypass trust funded with an amount no larger than the personal federal estate tax exemption for the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property… … Law dictionary
