income tax Definition

income tax

Definition

Annual tax levied by the Federal government, most states, and some local governments, on an individual's or corporation's net profit.

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income tax is ...
... part of the Taxes subject.

Related Terms

accumulated earnings tax - More

Adjusted Gross Income - More

effective tax rate -

joint return, overwithholding, underwithholding, provision for income taxes, tax bracket, taxable income, after-tax contributions, AGI, automatic stabilizers, bond and

income tax appears in these other terms

earned income tax credit

income tax appears in the definitions of these other terms on BusinessDictionary.com

employed earner, ability to pay principle, tax deferred savings, statutory employee, excise duty, and