income tax

American  

noun

1. a tax levied on incomes, especially an annual government tax on personal incomes.

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income tax British  

noun

1. a personal tax, usually progressive, levied on annual income subject to certain deductions

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Etymology

Origin of income tax

First recorded in 1790–1800

Example Sentences

The risk is that if the borrower leaves their employer, voluntarily or involuntarily, and can’t repay the loan, then the remaining loan balance may be treated as a distribution that is subject to income tax.

From Barron's

Money in the account grows tax-free and qualified withdrawals are not subject to income taxes.

From MarketWatch

Your plan, and it’s a good one, is to keep a lid on your income tax and maximize your insurance subsidies.

From MarketWatch

New taxes on expensive homes and private jet travel along with changes to income tax were among the proposals in the Scottish government's latest budget.

From BBC

Before that, among others, income tax, benefits cuts and winter fuel payments.

From BBC