18:49
thank you my little crow friend
Simple English definitions for legal terms
Read a random definition: toxicate
Exempt income refers to money or other forms of payment that are not subject to income tax. This type of income is not included in the calculation of taxable income. Examples of exempt income include:
For instance, if someone receives a gift from a family member, that gift is not considered taxable income and does not need to be reported on their tax return. Similarly, if someone receives Social Security benefits, only a portion of those benefits may be taxable, depending on their total income.