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• Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. While each is worth the same amount, different rules apply to each.

  Internal Revenue Service - Cite This Source - This Definition
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  Cite Definition for exemptions

  American Psychological Association (APA)

  exemptions. (n.d.). Understanding Taxes Student Glossary. Retrieved February 1, 2023, from website: http://www.expertglossary.com/definition/exemptions.

  Chicago Manual of Style (CMS)

  exemptions. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/exemptions (accessed: February 1, 2023).

  Modern Language Association (MLA)

  "exemptions." Understanding Taxes Student Glossary. Internal Revenue Service. 1 February. 2023 http://www.expertglossary.com/definition/exemptions.

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