Simple Definition of income tax
: 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
Examples of income tax
Federal income tax will be deducted from your pay.
The new law will lower income taxes for most taxpayers.
First Known Use of income tax
INCOME TAX Defined for Kids
Definition of income tax
: a tax on the income of a person or business
Seen and Heard
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