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

Keeping the tax, which is currently set to expire in 2031, in place would maintain between $5 billion and $15 billion in state income tax revenue. — Sofia Williams, Sacbee.com, 1 Oct. 2026

For the tax years 2022 and 2023, Steve Kim willfully evaded the assessment of income tax in the amount of $155,021, while Ted Kim willfully evaded the assessment of income tax in the amount of $97,354, prosecutors said. — Julie Sharp, CBS News, 29 Sep. 2026

Sales tax goes to Tallahassee and income tax goes to Washington DC. — Marci Woodward, Sun Sentinel, 25 Sep. 2026

Households in the highest federal income bracket pay a 37% top marginal income tax rate. — Kate Dore, Cfp®, Ea, CNBC, 24 Sep. 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