See the full definition of exempt in the English Language Learners dictionary Note: Under federal income tax laws, the dependency exemption is permitted for any dependant whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 years of age or a student under 24 years of age. In particular, the exemption may refer to a lien that allows a debtor to retain certain assets prior to enforcement, bankruptcy or other proceedings. Also known as debtor exoneration. The exemption is an immunity, exemption or exemption from liability, obligation or other requirements, such as exemptions from taxation or execution for certain goods or exemptions from military service. In tax law, this is the amount allowed as a deduction from gross income for the purpose of determining taxable income. freedom to comply with a general obligation or service; Immunity from a general fee, tax or fee. Grün v. Staat, 59 Bn 128, 43 Am. 542; Koenig v. RailroadCo., 3 Neb. 3S0; Lang v.

Converse, 91 U. pp. 113, 23 L. Ed. 233. Privilege granted by law to an enforceable debtor by which he may hold property of a certain amount or class of assets, exempt from any obligation of collection and sale in the event of execution or seizure Turrill v. McCarthy, 114 Iowa, 681, 87 N. W. 607; Williams v. Smith, 117 Wis. 142, 93 N.

W. 464. (n.1) for income tax a credit for each dependant, blind or other degree of disability and the age over 65 years, which leads to a downward calculation of tax rates. These should not be confused with deductions that reduce the gross income on which taxes are paid. 2) a right to opt out, such as not being subject to wage garnishment if you are in a low-income bracket, or not being subject to military service if you are employed in an essential industry, have several children or are a student. LIBERATION. A privilege that dispenses with the general rule; For example, in Pennsylvania, and perhaps in every other state, clergy are exempt from jury work. Exceptions are generally allowed, not in the interest of the individual, but in the interest of the general public. Definition of exemption for the learner of English (entry 2 of 2) The words that defined the week ending January 7, 2022 Source: Merriam-Webster`s Dictionary of Law ©1996.

Licensed with Merriam-Webster, Incorporated. Middle English, from Anglo-French, from Latin exemptus, removes the past participle of the eximer – more using the example of Powered by Black`s Law Dictionary, Free 2nd ed., and The Law Dictionary.