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  2. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.

  3. What Does Tax-Exempt Mean? - AOL

    www.aol.com/finance/tax-exempt-tax-exemption...

    Tax collection is a necessary part of funding various government programs and services, but there are legal ways to avoid it. Some types of businesses and other organizations are tax-exempt, for...

  4. Personal exemption - Wikipedia

    en.wikipedia.org/wiki/Personal_exemption

    Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations. The personal ...

  5. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    The definition of net taxable income for most sub-federal jurisdictions mostly follows the federal definition. [7] The rate of tax at the federal level is graduated; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal individual tax rates vary from 10% to 37%. [8]

  6. Filing Taxes: What You Need to Know About Tax Exemptions - AOL

    www.aol.com/news/2013-02-14-filing-taxes-what...

    By Alden Wicker Exemptions are one of the most straightforward parts of the tax code. OK, maybe that isn't saying much, but when it comes to navigating tax season, we take what we can get. And we ...

  7. Is My Business Tax-Exempt? - AOL

    www.aol.com/finance/business-tax-exempt...

    For most entrepreneurs, taxes are a regular part of running a business. However, certain types of organizations can qualify as tax-exempt, meaning they are not subject to federal income taxes.

  8. Tax withholding in the United States - Wikipedia

    en.wikipedia.org/wiki/Tax_withholding_in_the...

    Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for declared withholding allowances (often called exemptions). [5]

  9. Personal Exemptions Explained - AOL

    www.aol.com/news/2010-12-28-personal-exemptions...

    As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions. ... For 2010, the personal income tax exemption amount is ...

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