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It means you don't have to pay tax on the item or you don't have to take the item into consideration when computing how much tax you have to pay.

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16y ago

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Is holiday pay tax exempt income?

No...any form of income, regardless of what you call it..is the same. Use of car, bonus, salary, overtime, etc. Otherwise, please boss pay me $1 this year and a big holiday bonus, or holiday pay (tommorrow is a holiday to me anyway).


What does the term 'exemption' mean regarding the calculation of income tax?

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.


What is the tax exemption for ladies?

Your kidding right?I guess no ones ever claimed it because, most certanly my dear, any female that would be so rude to think she should involve herself in the manly things of life, like finances, money and taxes, would certainly be no lady!


What does it mean information reporting?

Information reporting refers to the process of reporting financial or non-financial information to regulatory authorities, tax agencies, or other relevant parties. This helps ensure transparency, compliance with regulations, and accuracy in reporting financial transactions.


Is a benefit principle of taxation an example of a progressive tax or regressive tax?

It would depend on the type of structure of the taxation. Take Mr. Cain's 999, it is an expample of a regressive taxation princeple. The higher income folks pay less and the middle and poor pay more. Study it, you will see.

Related Questions

Not tax exempt do i tax this?

Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.


What is a statutory exemption?

An exemption is something that is excluded. In taxes, there are various tax exemptions and types of income that are exempt from tax. There are also certain types of organizations that are exempt from tax.


Is insulation tax exempt?

NO. Insulation material is not exempt from income tax.


Is a LC small business tax exempt?

LC business be TAX EXEMPT NO NOT POSSIBLE FOR ANY TYPE OF LC BUSINESS TO BE TAX EXEMPT.


When were tax-exempt MMMFs created?

Tax-exempt MMMFs debuted in 1979


What are the IRS Tax exempt codes?

IRS tax exempt codes are codes that are given to businesses that are tax exempt. These businesses include non-profit organizations.


Are computers tax exempt under the Virginia tax holiday?

No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!


How do you exempt tax refunds?

Exempt them from tax? Federal refunds were paid with after tax $ and aren't taxable..but they are reported. State ones are, as you got a deduction for them when paid. There is no option to exempt them.


What does it mean exempt payee on form W9?

The the one receiving payment is a Government, or qualified tax exempt group, like a Church, or Charity.


When are municipal bonds exempt from taxes?

Municipal Bonds are bonds that are tax exempt from many tax offices. Municipal Bonds are exempt from tax when they are accepted by the local tax office depending on the law of the state.


What is meant with tax exempt form in finances?

Sales tax exempt forms are for individuals or companies that are exempt from sales tax. This could be if you run a charitable, educational or other organizations.


How many digits in a tax exempt number?

The Tax Exempt number contains 11 Digits Altogether