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:
“Behind all their personal vanity, women themselves always have an impersonal contempt—for “woman.””
—Friedrich Nietzsche (1844–1900)
“Every member of the family of the future will be a producer of some kind and in some degree. The only one who will have the right of exemption will be the mother ...”
—Ruth C. D. Havens, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 13, by Susan B. Anthony and Ida Husted Harper (1902)