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What does the term 'exemption' mean regarding the calculation of income tax?
Wiki User
∙ 17y ago
An exemption is anything not subject to taxation.
Wiki User
∙ 17y ago
An exemption refers to a specific amount of income that is not subject to taxation. This typically reduces the taxpayer's taxable income, thereby decreasing the overall amount of tax owed. Exemptions can apply to different categories of income, such as for dependents or certain types of income.
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What is the amount per child for income taxes?
I am assuming you mean the personal and dependency exemptions for 2009. The exemption amount for 2009 is $3,650.
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How much extra income can you make before you have to turn it into your taxes?
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