exempt

Examples of exempt in the following topics:

• The Role of the Nonprofit

  • In many countries, nonprofits may apply for tax exempt status, so the organization itself can be exempt from income tax and other taxes.
  • In the United States, to be exempt from federal income taxes, the organization must meet the requirements set forth by the Internal Revenue Service.
  • After reviewing the application to ensure the organization meets the conditions (such as the purpose, limitations on spending, and internal safeguards for a charity), the IRS may issue an authorization letter to the nonprofit granting it tax exempt status for income tax payment, filing, and deductibility purposes.
  • The exemption does not apply to other federal taxes such as employment taxes.
  • Federal tax-exempt status does not guarantee exemption from state and local taxes, and vice versa.

• Direct Investment

  • FDI is practiced by companies in order to benefit from cheaper labor costs, tax exemptions, and other privileges in that foreign country.
  • FDI is done for many reasons including to take advantage of cheaper wages in the country, special investment privileges, such as tax exemptions, offered by the country as an incentive to gain tariff-free access to the markets of the country or the region.

• Fair Labor Standards Act

  • Several exemptions exist that relieve an employer from having to meet the statutory minimum wage, overtime, and record-keeping requirements.
  • The largest exceptions apply to the so-called "white collar" exemptions that are applicable to professional, administrative, and executive employees.
  • Still, an employer cannot simply exempt workers from the FLSA by calling them independent contractors, and many employers have illegally misclassified their workers as independent contractors.
  • Presuming an employee is not exempt from overtime, there are many instances in which overtime is not paid properly, including when an employee is not paid for travel time between job sites, activities before their shift starts or after it ends, and activities to prepare for work that are central to work activities.

• Fair Labor Standards Act

  • In many companies, you'll find exempt and nonexempt workers.
  • Employees whose jobs are governed by the FLSA are either "exempt" or "nonexempt. " Nonexempt employees are entitled to overtime pay.
  • Exempt employees are not.

• Taking it to the next level

  • Don't make the mistake of believing that your business is exempt from waste elimination and prevention.

• Collection from Delinquent Payables

  • If an individual does not repay borrowed money to a credit card company and 6 months of nonpayment have passed, the credit card company may declare a "charge-off. " This means that the debt is "written off as uncollectable," so that the credit card company will get a tax exemption on that debt.
  • The purpose of making such a declaration is to give the bank a tax exemption on the debt.

• Involve everyone and examine everything

  • Don't make the mistake of assuming that your business (or industry) is exempt from the need for waste elimination and sustainability-based (longterm) thinking.

• S-Corporations (S-Corps)

  • However, certain trusts, estates, and tax-exempt corporations, notably 501(c)(3) corporations, are permitted to be shareholders.

• Age Discrimination and Health Act

  • Age limitations in apprenticeship programs are valid only if they fall within certain specific exceptions under the ADEA or if the EEOC grants a specific exemption.

• Civil Rights Act

  • Outlawed discrimination based on race, color, religion or national origin in hotels, motels, restaurants, theaters, and all other public accommodations engaged in interstate commerce; exempted private clubs without defining the term "private. "