Definitions for "personal exemption"
An amount excluded from taxable income, given to any taxpayer who cannot be claimed as a dependent by another taxpayer.
Amount of money a taxpayer can exclude from personal income for each member of the household in calculation of a tax obligation.
An amount of income which the taxpayer is allowed to shield from tax. The current tax code, as well as most proposed reforms, grants exemptions for each additional dependent member of a household. This "zero-bracket" amount would increase with family size.