What EXEMPTION means: A deduction for taxpayer, spouse, and each dependent that is subtracted from income that would otherwise be taxed. The allowable amount must be reduced if adjusted gross income exceeds a specified amount. See our Exemption Allowance rate table for the current amount.
- Definition Estimated Tax:
- Dictionary The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and the amount of any expected credits exemption definition.
- Definition Expensing:
- Dictionary when a taxpayer claims the section 179 expense deduction, defined elsewhere in this glossary, or currently deducts certain other expenditures that would ordinarily be required to be capitalized exemption explain.
- Definition Excluded Gain:
- Dictionary gain realized on a sale that will never be taxed. The most common situtation in which this occurs is for qualifying sales of principal residences. Other gains that may be excluded in whole or in part exemption what is.
- Definition Employer-Funded Retirement Plan:
- Dictionary A retirement plan funded in full or in part by employer contributions on behalf of employees exemption meaning.
How works Exemption meaning in Tax definitions E .
