Meaning of “exemption” in the English Dictionary. Municipal bond income, for example, is added to the AMT tax calculation. A taxpayer must include the AMT calculation with the original tax return and pay tax on the higher tax liability. Exemption - Translation to Spanish, pronunciation, and forum discussions.
![Meaning in arabic to english Meaning in arabic to english](/uploads/1/2/4/7/124734776/376856546.jpg)
What Is an Exemption?
An exemption is a deduction allowed by law to reduce the amount of income that would otherwise be taxed. The Internal Revenue Service (IRS) previously offered two types of exemptions: personal and dependent exemptions. But with the changes brought about by the new Tax Cuts and Jobs Act, personal exemptions are disappearing until 2025. However, the exemption for dependent children (under the age of 18) living with the tax filer remains in effect and doubles in size. In addition, the standard amount that can be deducted when filing nearly doubles: for couples, the number goes to $24,000 from $12,700; for individuals, it goes to $12,000 in deductions from the previous $6,350.
Key Takeaways
- An exemption is a lawful reduction of the amount of income that would otherwise be taxed for a qualifying reason.
- Personal exemptions have been repealed and replaced by higher standard deductions for both couples and individuals.
- Dependents can be minor children of the taxpayer, but there are other types of dependents, as well.
Exemption Meaning In Arabic Dictionary
How an Exemption Works
Personal exemptions have been repealed, while being essentially replaced by higher standard deductions for both couples and individuals. These changes are among several that go into effect following the passing of the new tax law. (For more on the new tax laws and what will change when you file next, read: Trump's Tax Reform).
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Personal Exemptions
Personal exemptions were allowed by the IRS through the 2017 filing year, with individual tax filers able to claim $4,050 per taxpayer, spouse and two dependent children, for a maximum of $16,200. For example, previously a taxpayer who had three allowable exemptions could have deducted $12,150 from his taxable income. However, if he earned over a certain threshold, the amount of the exemption he would have been able to claim would have been slowly phased out and eventually eliminated.
Tax filers were only able to claim a personal exemption if they were not claimed as a dependent on someone else's income tax return. This rule set exemptions apart from deductions.
For example, imagine a college student with a job whose parents claimed them as a dependent on their income tax return. Because someone else claimed the person as a dependent, they could not claim the personal exemption, but could still claim the standard deduction. In most cases, tax filers could also claim a personal deduction for their spouses, as long as the spouse was not claimed as a dependent on another person's tax return.
Dependent Exemptions
In many cases, dependents are minor children of the taxpayer, but taxpayers may claim exemptions for other dependents as well. The IRS has a litmus test for determining who is considered a dependent, but in most cases, it is defined as a relative of the taxpayer (parent, child, brother, sister, aunt or uncle) who is dependent on the taxpayer for his support.
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The so-called child tax credit now doubles to $2,000 per child under the new law, from $1,000 per dependent previously.
Exemption From Withholding
Exemption Meaning In Hindi
Employers withhold income tax from their employees and remit it to the IRS. However, if a person has no tax liability, he can request an exemption from withholding. This simply means that his boss withholds Medicare and Social Security contributions from his paycheck, but does not withhold income tax.