Personal Exemption (United States)
A tax deduction for a personal exemption amount for the individual taxpayer, the taxpayer's spouse, and the taxpayer's child or other dependent for purposes of calculating a U.S. taxpayer's federal income tax is provided in the Internal Revenue Code at 26 U.S.C. § 151. The personal exemption is allowed in the form of a deduction against the taxpayer's income in the computation to arrive at the taxable income amount against which the tax rates are applied to compute the income tax under 26 U.S.C. § 1.
Read more about Personal Exemption (United States): Overview, Phase-out, Who Is A Dependent?, History
Famous quotes containing the words personal and/or exemption:
“I am thankful to God for this approval of the people. But while deeply grateful for this mark of their confidence in me, if I know my heart, my gratitude is free from any taint of personal triumph. I do not impugn the motives of any one opposed to me. It is no pleasure to me to triumph over any one.”
—Abraham Lincoln (1809–1865)
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