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What is another word for personal exemption?

Pronunciation: [pˈɜːsənə͡l ɛɡzˈɛmpʃən] (IPA)

A personal exemption is an allowance that reduces an individual's taxable income for the year. However, this term can be replaced with other words and phrases that convey quite the same meaning. For instance, the term "deduction" has quite a similar meaning to personal exemption and refers to the amount of money you can subtract from your taxable income before the tax is computed. Tax credit is another synonym that can be used in place of personal exemption; when you qualify for a tax credit, your tax bill is reduced on a dollar-for-dollar basis. Another alternative is standard deduction, which helps in reducing the amount of income that is taxed.
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What are the hypernyms for Personal exemption?

A hypernym is a word with a broad meaning that encompasses more specific words called hyponyms.

What are the opposite words for personal exemption?

Personal exemption is a term widely used in tax codes to indicate the amount of income exempt from taxation. Antonyms for personal exemption would be taxable, not exempt, non-deductible or liable. In the absence of a personal exemption provision, all income is liable to be taxed. Personal exemption helps taxpayers reduce their taxable income and thus lower their tax liability. The concept of personal exemption has been abolished in some countries, including the United States. This means all taxpayers, regardless of their income, are taxed on their full earnings. However, other provisions are in place to help taxpayers reduce their tax burden, such as tax deductions and tax credits.

What are the antonyms for Personal exemption?

Related words: personal tax exemption, tax exemption, personal tax break, federal income tax exemption, state income tax exemption, state taxes exemption, county taxes exemptions

Related questions:

  • What is the personal exemption?
  • What is the federal income tax exemption?
  • What is a state income tax exemption?

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