Best Answer

An exemption is anything not subject to taxation.

User Avatar

Wiki User

โˆ™ 2006-12-07 19:53:03
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What does the term 'exemption' mean regarding the calculation of income tax?
Write your answer...
Related questions

What does federal exemption mean on state taxes?

Federal exemption is the right to claim a qualifying minor for the child tax credit and child exemption against your income. It may also qualify you for the Earned Income Credit and Head of Household status, IF the child lived with you 51% of the year.

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.

What is the tax exemption under Section 10 subsection 14 of Income Tax Act?

You better rephrase to include which country, or state laws you mean. US Federal do not have citations in that format.

What does Nina mean with regards to mortgages?

With regards to a mortgage, NINA is an acronym for no income no asset documentation. In other words, a borrower doesn't have to disclose any information regarding to income or assets.

How much extra income can you make before you have to turn it into your taxes?

There is absolutely no exemption, not for one penny, on reporting income - especially "extra" income if you mean you are already paying taxes. ANY money you make, after reporting and accounting, may or may not be actually taxed, depending on your own personal tax situation.

What does income level mean?

what does income level mean?

What does trustee's objection to exemption mean in a chapter 13?

The trustee is alleging that an asset you claimed as exempt from attachment by creditors actually is not exempt. It would mean that the assets would be counted toward the requirement that you contribute all of your disposable income to payments under your plan.

What does regular income tax mean?

what does regular income mean

What does full exemption mean in golf?

Exemption means that you are not required to qualify from previous games to enter a golf tournament. Exemptions can be sponsor exemptions or lifetime exemptions.

What does the little 2 mean in a calculation?


What does revenue income mean?

Revenue is income that is basically income such as, income, income and more income. Do You Understand ?!

A sentence for income?

a good sentence for income is what does income mean

What does computed mean?

Make a mathematical calculation or computation....

What does this word mean in spanish el calculo?

"The calculation"

The figure shows the calculation tab under the tools-Options menu the option under Calculation has been checked as Automatic What does this mean?

There is no "Calculation" tab in Inernet Explorer.

What is mean by income tax?

It is what the federal or state government charges you on your income. (the money you earn) It is a percentage of your income. It mean the tax youse has to pay on youse income.

How do you do income tax?

Is something missing from this question? It doesn't make a lot of sense. Do you mean how do you avoid income tax? Do you mean how does the government tax income? Do you mean, how do you caluclate the amount of income tax that you will have to pay?

Average income in 1968? All Families Median Income in 1968 was $8,632 Mean Income was $9,670 Married-Couple Families Median Income in 1968 was $9,144 Mean Income was $10,222 Male Household, no wife present Median Income in 1968 was $7,321 Mean Income was $8,185

What does endow mean?

To provide with property, income, or a source of income.

What does accrued income mean?

Accrued Income is an income already incurred but no payment is received yet.

Does a six figure income mean one million dollars?

does a six figure income mean one million dollars? a six figure income refers to 100,000 to 999,999 dollar income

How do you used the chemical on the right surface area?

regression is calculation mean.

What does the word calculation mean in maths?

Calculation means to do an operation such as add, subtract, multiply, divide, square or aquare root, etc. resulting in a numerical answer.

What does Regarding mean?

To pay attention to.

What does re mean in an email?