krista_burgner
Aug 31, 2007, 09:40 AM
:confused: What is an “exemption” when filing taxes?
AtlantaTaxExpert
Sep 4, 2007, 08:14 AM
Assumng yo mean the personal exemption, that is a set amount that is EXEMPT from taxation. For 2007, the personal exemption is $3,400. So, if you are single, your personal exemption makes the first $3,400 of your annual income exempt from federal income taxes.
Most states have personal exemptions as well, but they are normally NOT the same as the federal exemptions.