Personal Exemptions

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Definitions
Exemption Phase-Out
Exemption Phase-Out Personal Exemptions Adjusted Gross Income (AGI) Tax Deductions Income Threshold Taxation Tax Planning
Exemption Phase-Out refers to the gradual reduction in the amount that can be claimed as a deduction for personal exemptions as Adjusted Gross Income (AGI) rises above a specified threshold.
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Definitions
Personal Exemption Phaseout (PEP)
Personal Exemption Phaseout PEP Personal Exemptions Adjusted Gross Income AGI High-Income Taxpayers Tax Deductions Tax Law
The Personal Exemption Phaseout (PEP) reduces or entirely eliminates personal exemptions for high-income taxpayers based on their adjusted gross income (AGI).
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Definitions
W-4 Form: Employee's Withholding Allowance Certificate
W-4 Form Employee's Withholding Allowance Certificate Personal Exemptions Tax Withholding Federal Income Tax Payroll Employee Tax Forms IRS
The W-4 Form is used by new employees and existing employees who wish to change the number of personal exemptions claimed for tax withholding purposes. This form directly impacts the amount of federal income tax withheld from an employee's paycheck.
Read more about W-4 Form: Employee's Withholding Allowance Certificate.

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