Browse:  A B C D E F G H I J K L M N O P Q R S T U V W Y Z
     
Enter a Legal Term

Search the Definitions

exemption

n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions, which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.


From the Law.com Newswire



The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications

FEATURED FIRMS

The Law Firm Of Jonathan C. Reiter
350 5th Ave
New York, NY 10118
212-736-0979
Ronaldson & Kuchler
205 W Upper Wacker Dr #1615
Chicago, IL 60606
312- 425-2600
O'Malley & Langan PC
201 Franklin Ave
Scranton, PA 18503
570-344-2667
omalleylangan.com
Coplan & Crane
70 W Madison St, Suite 1400
Chicago, IL 60602
800-394-6002

Presented By Big Voodoo