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

That’s the question when it’s time to file income taxes with the Internal Revenue Service.

From MarketWatch

The individual income tax finances about 40% of the state’s general fund, so cuts need to happen in a way that allows growth to replace the lost tax revenue.

From The Wall Street Journal

The focus on taxing the richest of the rich comes amid a growing affordability crisis in California, home to the nation’s most expensive housing market and highest income tax.

From Los Angeles Times

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