income tax

noun

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

Examples of income tax in a Sentence

Federal income tax will be deducted from your pay.

The new law will lower income taxes for most taxpayers.

Recent Examples on the Web

Creating the Documentation Proving Qualification and Ongoing Requirements Creating the chronically ill exception documentation is like creating documentation for the IRS for income tax purposes. — James Lange, Forbes.com, 8 July 2026

The 34 measures include cuts to income tax for low- and middle income families, an overhaul of the creaking pension system, tougher rules for employees' sick leave and a reduction of the country's stifling bureaucracy. — ABC News, 2 July 2026

Supporters also point to other states that have eliminated their income tax and cast the proposal as a way to attract businesses and new residents. — Kacen Bayless, Kansas City Star, 2 July 2026

The income tax had just been introduced, with the top rate of 7% applied to incomes exceeding $500,000. — Steve H. Hanke, Fortune, 1 July 2026

Word History

First Known Use

1799, in the meaning defined above

Rhymes for income tax

• anticlimax
• counterattacks
• hemothorax
• mesothorax
• metathorax
• almanacs
• carrybacks
• haversacks
• lumberjacks
• maniacs
• microcracks
• minimax

Kids Definition

income tax

noun

ˈin-(ˌ)kəm-

: a tax on the income of a person or business

Legal Definition

income tax

noun

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