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

I use Grok for estimating capital-gains tax and net investment income tax due on the sale of equities.

From The Wall Street Journal

The country has no personal income tax—a reason why people moving here are often resented in their home nations.

From The Wall Street Journal

You do, however, pay income taxes on converted assets.

From Barron's

Workers who withdraw pretax contributions before age 59½ have to pay income tax on the amount of the withdrawal and are sometimes charged a 10% IRS penalty if they don’t meet one of the qualifications.

From MarketWatch

People who take hardship withdrawals from traditional accounts must pay income tax, plus often a 10% penalty if they are younger than 59½ years old.

From The Wall Street Journal