what does exemption mean
7dbe5149aca5d2fc20a4894dd0cf3c8c
exempt verb (used with object) 1. to free from an obligation or liability to which others are subject; release: to exempt a student from an examination. adjective. 2. released from, or not subject to, an obligation, liability, etc.: organizations exempt from taxes. noun.
dc631efd43f70ef44528e1ca7d540e97
Personal exemption Personal exemption (United States) Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.
4d52725e781699258160511a6bff8d07
Definitions &Translations Princeton's WordNet(2.00 / 1 vote)Rate this definition: 1  exemption, freedom(noun) immunity from an obligation or duty. 2  exemption(noun) 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.
0f93520566f63648ed264fb0d9e1294b
Definitions &Translations Wiktionary (1.00 / 1 vote) Rate this definition: exemption (Noun). An act of exempting. exemption (Noun). The state of being exempt; immunity. exemption (Noun). A deduction from the normal amount of taxes. exemption (Noun). Freedom from a defect or weakness.iktionary (1.00 / 1 vote) Rate this definition: exemption (Noun). An act of exempting. exemption (Noun). The state of being exempt; immunity. exemption (Noun). A deduction from the normal amount of taxes. exemption (Noun). Freedom from a defect or weakness.
135aa626c0c22b3124a89a4933a6233c
Property Tax Relief - Homestead Exemptions Homestead Exemption for Persons with Disabilities . This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes.
812d1b95a002771e9327c20541a2bb39
- Florida Homestead Exemption. The Florida homestead exemption is an asset protection tool used to protect homestead property from levy and execution by judgment creditors. In Florida, your home is truly your castle, a castle that is impenetrable by creditors as established by Article X, Section 4 of the Florida Constitution.
3b5bab20a72aebd931d57fd805c7dba5
- The annual tax-free allowance (known as the Annual Exempt Amount) allows you to make a certain amount of gain each year before you have to pay tax. Nearly everyone who is liable to Capital Gains Tax gets this tax-free allowance.
57a1f6317d099c84023f4814308dec4b
exempt If your accountant tells you that you’re exempt from taxes this year, give him a big hug. He is saying that you don’t have to pay taxes. The adjective exempt traces back to the Latin word exemptus, meaning “to remove or take out” or “to free”. So if you are exempt, you are free of an obligation that others have to fulfill, such as paying taxes. But you can also be exempt from having to obey certain rules, like seniors being exempt from having to sell candy bars for a school fundraiser.
88d0f72289e8fac768ca0d59f6e639d0
What is an 'Exemption' What is an 'Exemption' An exemption is a deduction allowed by law to reduce the amount of income that would otherwise be taxed. The Internal Revenue Service (IRS) offers two types of exemptions: personal and dependent exemptions. An example of an exemption is the reduction in taxes granted for dependent children (under the age of 18) living with the tax filer. BREAKING DOWN 'Exemption'
4b5628940a22d9effe6a8cee31ee9a42
- Know the exemption rate. The exemption rate refers to the amount or value of property or assets that one person can give without being taxed. Exemption rates vary by year due to inflation, and are announced by the IRS before the start of each calendar year. The annual gift tax exclusion amount is $14,000 for 2015.
322c9e5852c9e228442fc3324aefa4f5
What Is Homestead Exemption? If a home is worth more than the amount of the homestead exemption, creditors may be able to force the debtors to sell. But they won't get all of the money from the sale. In this case, the debtors receive the monetary amount of the exemption. Homestead exemption also provides some relief from property tax.A certain amount or percentage of the homestead is considered exempt from taxes. Homeowners who meet certain conditions, such as being more than 65-years-old, a veteran or disabled, may claim additional exemptions.omestead exemption also provides some relief from property tax. A certain amount or percentage of the homestead is considered exempt from taxes. Homeowners who meet certain conditions, such as being more than 65-years-old, a veteran or disabled, may claim additional exemptions.
a4e04f3cb194821888f51a5474a681c4
exemption 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, especially one that is disagreeable or threatening: immunity from disease.
301985f4899ce81f6ba14d7affd65920
How Does Homestead Exemption Work? What It Does. The homestead exemption allows you to save on property taxes by allowing you to exclude a portion of your home's value from assessment. The amount of tax you owe is calculated based on the difference between your home's value and the exemption amount. For example, if your home is valued at $250,000 and your state allows a homestead exemption of $25,000, you would only pay taxes on the remaining $225,000. Depending on the amount of the exemption allowed in your state, you could potentially shave hundreds of dollars off your tax bill each year.
9e128492690f43d8f09032d0a68f85b8
Tax exemption Some jurisdictions allow for a specific monetary reduction of the tax base, which may be referred to as an exemption. For example, the U.S. Federal and many state tax systems allow a deduction of a specified dollar amount for each of several categories of personal exemptions.
8a45280187553afd167d1a4f890d85b2
What is a personal exemption? A personal exemption (not to be confused with the Health Care penalty exemption) is an amount you get to deduct from your income for every Go to TurboTax.com Sign In
3dfecdd107570c56803b25f11778d514
Tax exemption An aspect of fiscal policy. Tax exemption refers to a monetary exemption which reduces taxable income. Tax exempt status can provide complete relief from taxes, reduced rates, or tax on only a portion of items.
dd83b4c9239a32a34a9ab54870f704b3
exempt (not comparable) 1  Free from a duty or obligation. In their country all women are exempt from military service. ( 2 of an employee or his position) Not entitled to overtime pay when working overtime.
c741d29814c52346fece5225e1c722ae
Tax Exempt Tax Exempt. What is 'Tax Exempt'. Tax exempt refers to income earnings or transactions that are free from tax at the federal, state or local level. When a taxpayer earns wages or sells an asset for a gain, that individual is creating a tax liability.
1ff870527e3b0557f73214fcb7a27185
- A dependent exemption is a specified amount that you subtract from your adjusted gross income when you do your tax return each year. The amount is adjusted annually to offset inflation. For example, in 2012 the dependent exemption was increased to $3,800 from the 2011 amount of $3,700.
d06a46574808a704aad6982c99e6aaaa
- Define exempt. exempt synonyms, exempt pronunciation, exempt translation, English dictionary definition of exempt. tr.v. ex·empt·ed , ex·empt·ing , ex·empts 1. To free from an obligation, duty, or liability to which others are subject: exempting the disabled from...
a3e4d953d85f0a015e1c50e0526c0a18
- A person who is exempt from something, especially the payment of tax. Example sentences. 1  Thus, journalists' duties vary along a spectrum from the nonexempt to the exempt. 2  Hayden had been one of the exempt 50 going into the final event of the PBA season, the World Championship.ree (a person or organization) from an obligation or liability imposed on others: they were exempted from paying the tax. More example sentences. Synonyms. 1  Being a war hero is not a lifetime ‘get out of jail free’ card, exempting you from responsibility for what you do thereafter.
fbbdf55b2d2345f649efb7e11c22bf2b
Claiming Exemptionsâthe W-4 for Dummies No you can’t. Exempt is only for people who will have no tax liability at all. You might have gotten a refund last year, but it doesn’t mean you have no tax liability. Generally, someone with no tax liability makes less than $5,950 for the entire year. For most people, claiming EXEMPT is a really bad idea.
8e9d1891915e32164089261af2a40b62
- Historical Examples. 1  If arrested, they can have no claim to exemption from the liabilities of criminals. 2  He knows that just as well as he knows why he had himself put on that exemption Board. 3  God promises assistance but not exemption to those who love Him. 4  exemption, for instance, from keeping guard and keeping watch.
cefe31871a31689a0b89da10ee4af845
What Does Being Non-Exempt Mean in Employment? Non-exempt refers to the employment status of a worker based on how he receives pay. Non-exempt also refers to the amount of pay a worker is entitled to. Non-exempt employees receive protection under the Wage and Hour provisions of the FLSA. The Wage and Hour Division regulates the time and pay agreements between employers and non-exempt employees.
f6de864220086902f8aac0629ec976af
What Are Tax Exemptions? Tax exemptions come in many forms, but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Most taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a deduction does.
f464b882cec03b32e945e5b828f4f77f
What Does Being Non-Exempt Mean in Employment? Depending on the job duties and pay of a particular worker, an employer may classify the employee as exempt or non-exempt. This employment classification outlines the various rights and protections the worker is entitled to under the Fair Labor Standards Act (FLSA) and other employment and labor laws.