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

Four are in Florida — because the state has no income tax, good weather and many retirees, Ressler said.

From MarketWatch

It overturned Article I, Section 9 of the Constitution, which had expressly forbidden a general income tax.

From The Wall Street Journal

Second, because traditional IRA withdrawals are subject to ordinary income tax, you want to be mindful not to push yourself into a higher tax bracket as required minimum distributions begin.

From MarketWatch

This was expected as Modi's government had raised income tax exemption limits last year, making earnings of up to 1.2m rupees - excluding special rate income like capital gains - entirely tax-free.

From BBC

Filing joint income taxes allows income to be spread across wider tax brackets, which is a significant benefit if one spouse earns a lot more than another.

From MarketWatch