Dictionary

income tax

noun

: a tax paid on the money that a person or business receives as income

Full Definition of INCOME TAX

:  a tax on the net income of an individual or a business
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Examples of INCOME TAX

  1. Federal income tax will be deducted from your pay.
  2. The new law will lower income taxes for most taxpayers.

First Known Use of INCOME TAX

1799
INCOME TAX Defined for Kids

income tax

noun

Definition of INCOME TAX for Kids

:  a tax on the income of a person or business

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