Definitions for income tax
in·come tax

Princeton's WordNetRate this definition:0.0 / 0 votes

1. income taxnoun

   a personal tax levied on annual income

WiktionaryRate this definition:0.0 / 0 votes

1. income taxnoun

   A tax levied on earned and unearned income, net of allowed deductions.

2. Etymology: income + tax

WikipediaRate this definition:0.0 / 0 votes

1. Income tax

   An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income. Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from the sale of property, including goods held for sale, is included in income. The income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income-producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions. Most jurisdictions require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail for individuals. Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from the sale of property, including goods held for sale, is included in income. The income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income-producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.

ChatGPTRate this definition:0.0 / 0 votes

1. income tax

   Income tax is a financial charge or levy imposed by a government on its citizens' earnings, profits, or other forms of income. The collected proceeds are typically used to fund public services, infrastructure, and government operations. The amount of tax charged may vary based on income level or filing status, according to the nation's tax code.

WikidataRate this definition:0.0 / 0 votes

1. Income tax

   An income tax is a tax on individual earnings that is paid to the national government. In American English the term also applies to the same type of tax paid to city, state, or local governments, and is occasionally used in reference to corporate profits as well. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Various systems define income differently and often allow notional reductions of income. The US states of Florida and Texas have no income tax, which is one reason that many people with substantial assets live there.

U.S. National Library of MedicineRate this definition:0.0 / 0 votes

1. Income Tax

   Tax on the net income of an individual, organization, or business.

Matched Categories

1. • Tax

Anagrams for income tax »

1. tenoxicam

How to pronounce income tax?

1. Alex

   US English

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   Mark

   US English

   Daniel

   British

   Libby

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   Karen

   Australian

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   South African

How to say income tax in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of income tax in Chaldean Numerology is: 8

2. Pythagorean Numerology

   The numerical value of income tax in Pythagorean Numerology is: 5

Examples of income tax in a Sentence

1. Tom Lehrer:

   On my income tax 1040 it says 'Check this box if you are blind.' I wanted to put a check mark about three inches away.

2. Pete Buttigieg:

   Certainly one of the concerns with the gas tax is it’s likely not as progressive as the federal income tax, for example.

3. White House:

   In effect, the Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when they later realize their gains, this approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations.

4. Grover Norquist:

   Taxes should be transparent. It should be clear who is paying them. The corporate income tax is designed to hide the tax burden.

5. Brian Kemp:

   President Biden took office in January of 2021, and to understand why we are in this current state of record-high inflation and costs to the average American family, people can simply track his first year of misguided policy decisions, because of our strong, fiscally conservative approach to budgeting, Lt. Governor Duncan, Speaker Ralston and I can confidently propose a state motor fuel tax suspension to curb sky-high gas prices while also returning money back to hardworking Georgians through a tax refund and an income tax cut.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=income tax
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Income_Tax
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Income_Tax
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=income tax