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:
“[The election] ... was an event in which, so far as the personal side is concerned, the victory was to him who lost and the defeat to him who won. I can say that never in the last fifteen years have I had the peace of mind that I have since the election. I have almost a feeling of elation.”
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