The Internal Revenue Service (IRS) allows each individual to claim an annual personal exemption, along with an exemption for their spouse and any dependents. The personal exemption amount, although low, is set aside to allow for individuals to have a modicum of untaxed income to pay for basic sustenance items, such as food, clothing and shelter.
Investment dictionary. Academic. 2012.
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exempt income — Income that is not subject to state and/or federal taxation. Certain income may be exempt from federal but not from state taxation, and vice versa (e.g., tax exempt bond interest) … Black's law dictionary
exempt income — Income exempt from payment of income tax. Income not subject to levy or garnishment … Ballentine's law dictionary
tax-exempt income — dividends and interest not subject to federal and, in some cases, state and local income taxes. Bloomberg Financial Dictionary * * * tax exempt income tax exempt income ➔ income * * * tax exempt income UK US noun [C or U] (also tax free income)… … Financial and business terms
tax-exempt income — Income that is specifically made exempt from taxation by Congress, such as certain Social Security benefits, tax exempt interest, welfare benefits, nontaxable life insurance proceeds, and nontaxable pension income. Category: Back Taxes & Tax Debt … Law dictionary
tax exempt income — Income exempt from income tax; nontaxable income, such as interest on state and municipal bonds, compensation for injuries or sickness, proceeds of life insurance, etc. Funds accruing as income in the broad sense of the term, but not taxable as… … Ballentine's law dictionary
state tax-exempt income fund — A mutual fund that seeks current income exempt from federal and a specific state s income taxes. Bloomberg Financial Dictionary … Financial and business terms
tax-exempt income fund — A mutual fund that seeks income that is exempt from federal and, in some cases, state and local income taxes. Bloomberg Financial Dictionary … Financial and business terms
Income tax in India — The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance.The government of India imposes an income tax on taxable income of individuals, Hindu … Wikipedia
income — money that is being earned by the business. Glossary of Business Terms * * * income in‧come [ˈɪŋkʌm, ˈɪn ] noun 1. [countable, uncountable] money that you earn from your job or that you receive from investments: • The family pays more than 50% of … Financial and business terms
exempt — ex·empt 1 /ig zempt/ adj: free or released from some obligation or duty to which others are subject: not subject or liable certain properties are declared to be exempt and cannot be taken by a person s creditors J. H. Williamson exempt 2 vt: to… … Law dictionary