Related Searches
on Ask.com
Browse Nearby Entries
exemption
7 dictionary results for: exemption
Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This
ex·emp·tion 
[ig-zemp-shuhn] Pronunciation Key
—Related forms
[ig-zemp-shuhn] Pronunciation Key –noun
| 1. | the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. |
| 2. | the act of exempting. |
| 3. | the state of being exempted; immunity. |
—Related forms
ex·emp·tive, adjective
—Synonyms 3. exception. Exemption, immunity, impunity imply special privilege or freedom from imposed requirements. Exemption implies release or privileged freedom from some duty, tax, etc.: exemption from military service. Immunity implies freedom from a penalty or from some liability, esp. one that is disagreeable or threatening: immunity from disease. Impunity (limited mainly to the fixed expression with impunity) primarily suggests freedom from punishment: The police force was so inadequate that crimes could be committed with impunity.
—Antonyms 3. liability.
Dictionary.com Unabridged (v 1.1)
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006.
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006.
American Heritage Dictionary - Cite This Source - Share This
| ex·emp·tion
(ĭg-zěmp'shən) Pronunciation Key
n.
|
(Download Now or Buy the Book)
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2006 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2006 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
WordNet - Cite This Source - Share This
| exemption | |
noun | |
| 1. | immunity from an obligation or duty |
| 2. | a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.); "additional exemptions are allowed for each dependent" |
| 3. | an act exempting someone; "he was granted immunity from prosecution" |
WordNet® 3.0, © 2006 by Princeton University.
Investopedia - Cite This Source - Share This
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.
Investopedia Commentary
There are two types of exemptions: personal and dependency.
An example of an exemption is the reduction in taxes you are granted for the dependent children (under the age of 18) living with you.
Related Links
Traditional IRA Deductibility Limits
Deducting Losses on Your IRA Investments
Five Tips for the Tax-Smart Investor
See also: Deduction, Dependent, Exempt Income, Tax Credit
Investopedia.com. Copyright © 1999-2005 - All rights reserved. Owned and Operated by Investopedia Inc.
Wallstreet Words - Cite This Source - Share This
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.
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.
Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company.
Merriam-Webster's Dictionary of Law - Cite This Source - Share This
Main Entry: ex·emp·tion
Pronunciation: ig-'zemp-sh&n
Function: noun
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
/d&-'pen-d&n-sE-/
: an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code)
NOTE: 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 estateexemptions 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
Main Entry: ex·emp·tion
Pronunciation: ig-'zemp-sh&n
Function: noun
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
/d&-'pen-d&n-sE-/
: an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code)
NOTE: 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
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
Webster's Revised Unabridged Dictionary - Cite This Source - Share This
Exemption
Ex*emp"tion\, n. [L. exenptio 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 articles from seizure; exemption from military service; exemption from anxiety, suffering, etc.
Webster's Revised Unabridged Dictionary, © 1996, 1998 MICRA, Inc.
Share This:
Copyright © 2008, Dictionary.com, LLC. All rights reserved.