Exemption

Business, Legal & Accounting Glossary

Definition: Exemption




What is the dictionary definition of Exemption?

Dictionary Definition


n.

  1. in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions, which reduce gross income upon which taxes are paid.
  2. a right to be excluded from, such as not being subject to attachment of one’s wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/exemption/
Modern Language Association (MLA):
Exemption. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 16, 2021 https://payrollheaven.com/define/exemption/.
Chicago Manual of Style (CMS):
Exemption. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/exemption/ (accessed: September 16, 2021).
American Psychological Association (APA):
Exemption. PayrollHeaven.com. Retrieved September 16, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/exemption/

Definition Sources


Definitions for Exemption are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 2 Views.