Personal exemptions definition

Personal exemptions means the total exemption amount an individual is allowed to claim for the taxable year under Section 151, Internal Revenue Code, for:
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Examples of Personal exemptions in a sentence

  • Line 2 – Personal exemptions and exemption for dependents To complete the information required on this line, consider only those nonresident individual partners who have indicated to be American citizens when completing the Personal Circumstances box of Schedule I (C).

  • Personal exemptions are not allowed for purposes of determining a taxpayer’s alternative minimum taxable income.

  • Personal exemptions generally are allowed for the taxpayer, his or her spouse, and any dependents (as defined in sec.

  • Personal exemptions generally are allowed for the taxpayer, his or her spouse, and any dependents.

  • Personal exemptions generally are allowed for the taxpayer, the taxpayer’s spouse, and any dependents.

  • Personal exemption phase-out for certain taxpayers (“PEP”) Personal exemptions generally are allowed for the taxpayer, his or her spouse, and any dependents.

  • Personal exemptions allow a certain amount per person to be exempt from tax.

  • Personal exemptions may remove many low-income households from the tax system.

  • Personal exemptions for use in computing estimated income tax are as follows: Married Jointly ($12,000), Married Spouse Deceased during the tax year ($12,000), Married Filing Separate ($6,000), Head of Family ($9,500), and Single ($6,000).

  • These assumptions are: 1) Each employee is married and files jointly, 2) A family has only one source of income, 3) Each employee’s qualified plan contribution is 5,000, 4) The number of standard/Itemized deductions are two (each deduction is $5,700), 5) Personal exemptions for this family amount to $7,300 for those who earn less than $250,200 in taxable income, and 6) A family has only one child and receives a child tax credit of $1000 if the family income is less than $110,000 in taxable income.

Related to Personal exemptions

  • QPAM Exemption is defined in Section 6.2(d).

  • INHAM Exemption is defined in Section 6.2(e).

  • Statutory Exemption means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code.

  • Section 162(m) Exemption means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code.

  • New Exemption means the exemption from real property taxation provided hereunder with respect to the Exemption Area.

  • Personal Leave means leave provided for:

  • Class Exemption A class exemption granted by the U.S. Department of Labor, which provides relief from certain of the prohibited transaction provisions of ERISA and the related excise tax provisions of the Code.

  • Investor-Based Exemption Any of Prohibited Transaction Class Exemption ("PTCE") 84-14 (for transactions by independent "qualified professional asset managers"), PTCE 91-38 (for transactions by bank collective investment funds), PTCE 90-1 (for transactions by insurance company pooled separate accounxx), XXXX 95-60 (for transactions by insurance company general accounts) or PTCE 96-23 (for transactions effected by "in-house asset managers"), or any comparable exemption available under Similar Law.

  • Prior Exemption means the existing tax exemption of the Exemption Area pursuant to Section 421-a(1-15) of the Real Property Tax Law.

  • Data Protection Requirements means all applicable (i) Data Protection Laws, (ii) Privacy Policies and (iii) those terms of any Contracts imposing obligations on the Company or its Subsidiaries with respect to the Company’s collection, use, storage, disclosure, or cross-border transfer of Personal Data.

  • Tax Exemption means any financial assistance granted to a project which is based upon all or a portion of the taxes which would otherwise be levied and assessed against a project but for the involvement of the Agency in such project.

  • Public Service Act ’ means the Public Service Act, 1994 (Proclamation No. 103 of 1994);

  • Data Protection Laws and Regulations means all laws and regulations, including laws and regulations of the European Union, the European Economic Area and their member states, Switzerland and the United Kingdom, applicable to the Processing of Personal Data under the Agreement.

  • Prohibited Transaction Class Exemption means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor.

  • Personal Law means the law of inheritance and succession as applicable to the individual Unit Holder.

  • TUPE Regulations means the Transfer of Undertakings (Protection of Employment) Regulations 2006, as amended.

  • SBE Regulations means the written regulations and procedures adopted pursuant to this chapter for procurement of Supplies, Services and Public Works.

  • Personal Information means information identifiable to any person, including, but not limited to, information that relates to a person’s name, health, finances, education, business, use or receipt of governmental services or other activities, addresses, telephone numbers, Social Security Numbers, driver license numbers, other identifying numbers, and any financial identifiers.

  • Data Protection Laws means all laws and regulations that govern the access, use, disclosure, or protection of Personal Data to which a party is subject with respect to the Service or the Software.

  • Telecommunications Act means the Telecommunications Act of 1996 and any rules and regulations promulgated thereunder.

  • Rule 701 means Rule 701 promulgated under the Securities Act.

  • Exemption means the exemption from real property taxation provided hereunder.

  • Communications Act means the Communications Act of 1934, as amended.

  • EP Regulations means The Environmental Permitting (England and Wales) Regulations SI 2016 No.1154 and words and expressions used in this permit which are also used in the Regulations have the same meanings as in those Regulations.

  • FW Act means the Fair Work Act 2009, as amended from time to time.

  • Business Corporations Act means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;