- personal exemption deduction
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personal exemption deduction see deduction
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
personal exemption deduction
Look at other dictionaries:
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
deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex … Law dictionary
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
exemption — A privilege, sometimes referred to as a right, granted to a debtor by the grace and favor of the state on the grounds of public policy for a humane and generous purpose, which permits him to retain a portion of his property or earnings free from… … Ballentine's law dictionary
Itemized deduction — Individual taxpayers in the United States are allowed a choice when preparing their Federal income tax returns. After computing their Adjusted gross income (AGI), taxpayers can itemize their deductions (from a list of allowable items) and… … Wikipedia
exemption — Freedom from a general duty or service; immunity from a general burden, tax, or charge. Immunity from service of process or from certain legal obligations, as jury duty, military service, or the payment of taxes. See also immunity A privilege… … Black's law dictionary
exemption — Freedom from a general duty or service; immunity from a general burden, tax, or charge. Immunity from service of process or from certain legal obligations, as jury duty, military service, or the payment of taxes. See also immunity A privilege… … Black's law dictionary
Exemption — A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing. There are two types of exemptions: personal and dependency. An example of an … Investment dictionary
Home mortgage interest deduction — Taxation An aspect of fiscal policy … Wikipedia
