personal exemption
amount of money a person can exclude from personal income in calculating federal and state income tax. Taxpayers can claim one exemption for every person in their household.
Personal Exemption
In the US, the amount a person may subtract from personal income when computing federal and state income tax....(Read more)
Personal Identification Number ...
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. See Exemptions.
Personal interest. Interest that doesn't qualify as mortgage, business, student loan or investment interest.
Personal Exemption
The dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. A separate personal exemption is accorded to every man, woman and child in the U.S. that must file a return.
all personal exemptions
the standard deduction, if you claimed it
itemized deductions for state and local income taxes, and real estate taxes ...
You can claim personal exemptions and exemptions for dependents according to the dependency rules for U.S. citizens. You can claim an exemption for your spouse on a Married Filing Separate return if your spouse had no gross income for U.S.
1. Addition of personal exemptions.
2. Addition of the standard deduction.
3. Addition of itemized deductions claimed for state and local taxes, certain interest, most miscellaneous deductions, and part of medical expenses.
personal exemption An amount excluded from taxable income, granted to any taxpayer who cannot be claimed as a dependent by another taxpayer.
income, as reported on your federal income tax return, after allowing for certain adjustments, such as subtracting certain contributions to individual retirement accounts, but before subtracting Standard or Itemized Deductions and personal exemptions.
Also known as AGI, it's your individual income before personal exemptions or standard or itemized deductions.
The AMT is often triggered when an individual has numerous personal exemptions, such as for state and local taxes; large miscellaneous itemized deductions or medical expenses; or Incentive Stock Option (ISO) plans.
Asset allocation ...
Notes:
AGI minus deductions and personal exemptions equals your taxable income.
See also: Accumulated Earnings Tax, Income Tax, Personal Income
? Mentioned in
Standard Deduction ...
Personal exemptions were reduced sharply to increase the number of taxpayers, and rates were sharply increased. The lowest marginal rate rose from 1.125 percent to 4.
Insurance policy attachment designed to cover specified personal valuables.
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 income ...
The AMT is triggered when there are large numbers of personal exemptions on state and local taxes paid, by Incentive Stock Option (ISO) plans, or large numbers of miscellaneous itemized deductions or medical expenses.
Definition: All income subject to taxation under the individual income tax after subtracting 'above-the-line' deductions, such as certain contributions for individual retirement accounts and alimony payments. Personal exemptions and the standard or ...
In addition, provisions of the 2001 Tax Act limiting the phase-out of itemized deductions and personal exemptions for high income earners are set to kick in for the 2006 tax year.
Itemized deductions (Sched. A) or the standard deduction, allowed charitable contributions (for those who do itemize) and personal exemptions are then subtracted from the AGI to calculate taxable income.
 See also: Expense, Acquisitions, Tax liability, Banks, Compensation
  
|
RSS
