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

Cofounder Peter Thiel has likewise expanded his South Florida presence, opening an office for his venture capital firm, Founders Fund, in Miami and praising Florida’s lack of a state income tax. — Emma Burleigh, Fortune, 22 July 2026

Short-term capital gains are taxed according to ordinary income tax brackets. — Cheryl Winokur Munk, CNBC, 21 July 2026

Needing money to pay for the Civil War, President Abraham Lincoln signed the Revenue Act, imposing the first federal income tax. — USA Today, 21 July 2026

But even without winning, paying my personal income tax here gives me some benefits like a discount on public transport. — Tax Notes Staff, Forbes.com, 21 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