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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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

Mentioned in these terms

earned income tax credit

Related Terms on BusinessDictionary

tax base
tax deferred savings
tax free exchange
tax shield
accumulated profits tax
withholding tax
tax deferred annuity
joint return
net return
proportional tax
direct tax
indirect tax
deferred compensation plan
progressive tax
capital gains tax
weighted average cost of capital
disposable income
tax credit
expense

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income tax is ...

... part of the Taxes subject.

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