personal exemption

Definition

An amount excluded from taxable income, given to any taxpayer who cannot be claimed as a dependent by another taxpayer.

Use personal exemption in a sentence

The personal exemption was a proud moment for the young man who was on his own working his first job.

​ Was this Helpful? YES  NO 4 people found this helpful.

You may want o have a personal exemption if you think that will make things more profitable for you or others.

​ Was this Helpful? YES  NO 11 people found this helpful.

I hated taxes and the one thing I was thankful for was personal exemption, because it allowed me to be excluded.

​ Was this Helpful? YES  NO 2 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Adjusted Gross Income Alternative Minimum Tax