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 Those that didn't pass were: A repeal of literacy test rules (though they had already been outlawed), restriction of the governor's power, new voter ID rules for absentee voters and an income tax cap of 5%. Lucille Sherman, Axios, 16 July 2024 After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes. Charlotte Observer, 10 July 2024 And of course, the income tax burden is much higher. Byalicia Adamczyk, Fortune, 7 July 2024 The party has promised no hikes to income tax rates or the consumption tax, known in the U.K. as VAT. NBC News, 5 July 2024 See all Example Sentences for income tax 

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'income tax.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1799, in the meaning defined above

Time Traveler
The first known use of income tax was in 1799

Dictionary Entries Near income tax

Cite this Entry

“Income tax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/income%20tax. Accessed 27 Jul. 2024.

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
Last Updated: - Updated example sentences
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