Dictionary of Law
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exemption :: legal definition


Exemption - n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions, which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.


Related Law Terms

adjusted basis :: n. in accounting, the original cost of an asset ad ... s taxes. See also: basis income tax
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support
deduction :: n. an expenditure which an income tax payer may su ... dded together, reduce the tax owed.
goodwill :: n. the benefit of a business having a good reputat ... an unknowing buyer. See also: sale
gross income :: n. in calculating income tax, the income of an ind ... in net income. See also: income tax
income :: n. money, goods or other economic benefit received ... ernment and most state governments.
income tax :: n. a tax on an individual's net income, after dedu ... al government. See also: income tax
recapture :: n. in income tax, the requirement that upon sale o ... capital gains. See also: income tax
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - E

earnest payment :: n. a deposit paid to demonstrate commitment and to ... (liquidated) or committed damages.
easement :: n. the right to use the real property of another f ... rstandings at the time of creation.
egress :: n. way of departure. A word usually used in conjun ... unction with "access" or "ingress."
EIR :: n. popular acronym for environmental impact report ... e also: environmental impact report
ejectment :: n. a lawsuit brought to remove a party who is occu ... o the property through her parents.
ejusdem generis :: (eh-youse-dem generous) v adj. Latin for "of the s ... t was of land-based transportation.
elder law :: n. a specialty in legal practice, covering estate ... t field. (definition revised: 9/02)
election of remedies :: n. an outmoded requirement that if a plaintiff (pa ... dence has not been fully presented.
election under the will :: n. in those states which have statutes which give ... arries) left to her under his will.
eleemosynary :: (eh-luh-moss-uh-nary) adj. charitable, as applied ... pplied to a purpose or institution.
element :: n. 1) an essential requirement to a cause of actio ... of action crime general plan zoning
emancipation :: n. freeing a minor child from the control of paren ... vorced parent to pay child support.
embezzlement :: n. the crime of stealing the funds or property of ... in trust. See also: embezzler theft
embezzler :: n. a person who commits the crime of embezzlement ... r property of an employer or trust.
emblements :: n. crops to which a tenant who cultivated the land ... ome the property of his/her estate.
emergency :: n. a sudden, unforeseen happening which requires a ... r to protect lives and/or property.
eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation
emolument :: n. salary, wages and benefits paid for employment ... d for employment or an office held.
emotional distress :: n. an increasingly popular basis for a claim of da ... ar value upon it. See also: damages
employee :: n. a person who is hired for a wage, salary, fee o ... ondeat superior scope of employment