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Exemption (other)
Exemption may refer to: * Tax exemption, which allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation * Exemption (Catholic canon law), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank * Stauropegic exemption, a specific type of ecclesiastical exemption in Eastern Christianity * Grandfather clause, an exemption that allows a pre-existing condition to continue, even if such a condition is now prohibited from being begun anew * Exempt employee, is one who is exempt from the Fair Labor Standards Act, i.e. is not entitled to overtime pay and other worker's benefits stated in the FLSA * Loophole, a weakness or exception that allows a system, such as a law or security, to be circumvented or otherwise avoided {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Exemption
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. A tax exemption is distinct and different from a tax exclusion and a tax deduction, all of which are different types of tax expenditures. A tax exemption is an income stream on which no tax is levied, such as interest income from state and local bonds, which is often exempt from federal income tax. Additionally, certain qualifying non-profit organizations are exempt from federal income tax. A tax exclusion refers to a dollar amount (or proportion of taxable income) that can be legally excluded from the taxable base income prior to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exemption (Catholic Canon Law)
In the Catholic Church, an exemption is the full or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank. For example, the Roman Catholic Archdiocese of Strasbourg, and the Latin Patriarchate of Jerusalem are exempt, being directly subject to the Holy See. See exempt dioceses for a list of exempt entities. Background Originally, according to canon law, all the residents of a diocese, as well as all diocesan institutions, were under the authority of the local bishop. Following complaints by monasteries that bishops treated them oppressively, they were taken under the protection of synods, princes and popes. Papal protection often evolved later into exemption from episcopal authority. From the 11th century onward, papal activity in the matter of Church reform has often been the source of exemptions. Extent and scope of exemption Eventually, not only individual monasteries, but also en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stauropegic Exemption
A stauropegion, also spelled stavropegion (from , in turn from σταυρός ''stauros'' "cross" and πήγνυμι ''pegnumi'' "to affirm"), is a monastery or a parish which depends directly on the primate or on the Holy Synod of a particular Church, and which is not under the jurisdiction of the local bishop. The name comes from the Byzantine tradition of summoning the Patriarch to place a cross at the foundation of stauropegic monasteries or parochial churches. Such exempt jurisdictions, both monastic and parochial, are common in Eastern Christianity, mainly in Eastern Orthodox Churches, but also in some Eastern Catholic Churches. Their institutional counterparts in the Latin Church ecclesiastical order of the Catholic Church are various exempt jurisdictions, such as monasteries that are directly subjected to the Holy See of Rome. Stauropegic monasteries A stauropegic monastery, also rendered "stavropegic", "stauropegial" or "stavropegial", is an Eastern Orthodox or E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exempt Employee
The Fair Labor Standards Act of 1938 (FLSA) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits employment of minors in "oppressive child labor".See and . It applies to employees engaged in interstate commerce or employed by an enterprise engaged in commerce or in the production of goods for commerce, unless the employer can claim an exemption from coverage. The Act was enacted by the 75th Congress and signed into law by President Franklin D. Roosevelt in 1938. Practical application The Fair Labor Standards Act applies to "employees who are engaged in interstate commerce or in the production of goods for commerce, or who are employed by an enterprise engaged in commerce or in the production of goods for commerce" unless the employer can claim an exemption from coverage. Generally, an employer with at least $500,000 of business or gross sales in a year satisfies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
