20:07
I am semi proficient in spanish.
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
exemption
Read a random definition: conversion price
A quick definition of exemption:
Exemption: Exemption means you don't have to do something or pay something that others have to. For example, you might be exempt from paying taxes on certain things or exempt from being drafted into the military. In some cases, you might be allowed to keep certain things even if you owe money or are going through bankruptcy. In tax law, exemption means you can take a certain amount of money off your income before you have to pay taxes on it.
A more thorough explanation:
Exemption is a legal term that means you are immune or exempt from certain duties or requirements. For example, you might be exempt from paying taxes on a certain type of income or from serving in the military.
One example of an exemption is a debtor's exemption. This is a privilege that allows someone who owes money to keep certain property from being taken away to pay off their debt. For instance, if someone owes money to a creditor, they might be able to keep their car or their house if those things are considered exempt.
In tax law, an exemption is an amount of money that you can deduct from your income before you calculate how much tax you owe. For example, if you make $50,000 a year and you have a $5,000 exemption, you would only have to pay taxes on $45,000 of your income.
Overall, an exemption is a way to give people a break from certain legal requirements or obligations. It can help protect their property, reduce their tax burden, or give them other benefits.