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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.
Some income, such as municipal bond interest, is exempt from income tax. Federal receipts by source as share of total receipts (1950–2014). Individual income taxes (purple), payroll taxes/FICA (azure), corporate income taxes (green), excise taxes (orange), estate and gift taxes (yellow), other receipts (blue). [12]
For federal income tax, interest income on state and local bonds is exempt, while few states exempt any interest income except from municipalities within that state. In addition, certain types of receipts, such as gifts and inheritances, and certain types of benefits, such as employer-provided health insurance, are excluded from income.
You earned or otherwise received income that is not subject to federal income tax. You’re exempt from minimum wage and overtime rules, as defined by the Fair Labor Standards Act.
Tax-exempt means not being required to pay taxes on certain types of income. Find out which type of income is considered tax-exempt.
“If your income can be canceled out by allowable tax deductions leaving you with no tax liability, you can elect to be exempt from federal withholding,” said Ben Watson, a certified public ...