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income tax

noun

Simple Definition of income tax

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

Source: Merriam-Webster's Learner's Dictionary

Full Definition of income tax

  1. :  a tax on the net income of an individual or a business

Examples of income tax in a sentence

  1. Federal income tax will be deducted from your pay.

  2. The new law will lower income taxes for most taxpayers.



1799

First Known Use of income tax

1799


INCOME TAX Defined for Kids

income tax

noun

Definition of income tax for Students

  1. :  a tax on the income of a person or business




Law Dictionary

income tax

noun

Legal Definition of income tax

  1. :  a tax on the net income of an individual or a business — compare excise, property tax





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