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 recent quarter’s figure includes a $5.7 billion income tax benefit, or $5.33 per share, from the release of a valuation allowance, the company said.

From The Wall Street Journal • Apr. 29, 2026

The company reported a $7.37 billion profit, including a $5.7 billion income tax benefit, and adjusted earnings of $2.65 a share.

From The Wall Street Journal • Apr. 29, 2026

Texas and Florida lack a state income tax.

From MarketWatch • Apr. 27, 2026

You will owe ordinary income tax on the amount taken out and, if you are under age 59½, a 10% early withdrawal penalty.

From MarketWatch • Apr. 23, 2026

Please don’t try to file an income tax at your age.

From "Our America: Life and Death on the South Side of Chicago" by LeAlan Jones