income tax
annual government tax levied on the net income of a person or business
Income tax
An income tax is a
tax levied on the financial
income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of
tax incidence. Income taxation can be
progressive,
proportional, or
regressive. When the tax is levied on the income of companies, it is often called a
corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs).
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income tax
Noun
1. a personal tax levied on annual income
(hypernym) tax, taxation, revenue enhancement
(hyponym) estimated tax
Income tax
The federal government's annual tax which assessed to individuals as personal income tax and on the earnings of corporations as corporate income tax.
Tax, Income
TAX, INCOME - Any tax levied on, with respect to, or measured by, net income, gross income, or gross receipts. 4 USC
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