Question

what is exempted income

Answer 1

Exempt income refers to certain types or amounts of income not subject to federal income tax. Some types ofincome may also be exempt from state income tax. The IRS determines which types of income are exemptfrom federal income tax as well as the circumstances for each.

Answer 2

Exempt income refers to certain types or amounts ofincome not subject to federal income tax. Some types of income may also be exempt from state income tax. The IRS determines which types of income are exemptfrom federal income tax as well as the circumstances for each.