personal exemption

Personal exemption

Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation.

Personal Exemption

In U.S. tax, the amount of personal income that is not taxed. That is, the personal exemption is money that is not included in one's adjusted gross income when calculating one's tax liability. One receives additional exemptions for a spouse, children, and if one is over 65 or blind. Congress sets the amount of the personal exemption each year.

personal exemption

See exemption.

单词	personal exemption
释义	personal exemption Personal exemption Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation. Personal Exemption In U.S. tax, the amount of personal income that is not taxed. That is, the personal exemption is money that is not included in one's adjusted gross income when calculating one's tax liability. One receives additional exemptions for a spouse, children, and if one is over 65 or blind. Congress sets the amount of the personal exemption each year. personal exemption See exemption.
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