Exemption
Encyclopedia
An exemption such as a tax exemption
allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation.
Exemption may also refer to:
Tax exemption
Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some...
allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation.
Exemption may also refer to:
- Exemption (church)Exemption (church)In the Roman Catholic Church, exemption is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank....
, an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank - Grandfather clauseGrandfather clauseGrandfather clause is a legal term used to describe a situation in which an old rule continues to apply to some existing situations, while a new rule will apply to all future situations. It is often used as a verb: to grandfather means to grant such an exemption...
, an exemption that allows a pre-existing conditionPre-existing conditionA pre-existing condition is a risk with extant causes that is not readily compensated by standard, affordable insurance premiums. Pre-existing condition exclusions by the insurance industry are meant to cope with adverse selection by potential customers. Such exclusions have become a topic in the...
to continue, even if such a condition is now prohibited from being begun anew - Exempt employee, is one who is exempt from the Fair Labor Standards Act, i. e. is not entitled to overtime pay and other worker's benefits stated in the FLSA
- LoopholeLoopholeA loophole is a weakness that allows a system to be circumvented.Loophole may also refer to:*Arrowslit, a slit in a castle wall*Loophole , a short science fiction story by Arthur C...
, a weakness or exception that allows a system, such as a law or security, to be circumvented or otherwise avoided.