taxed

Definition

Fee imposed by the government, whether it be at the local or federal level , on a product, income, or activity. Taxes are usually paid on a yearly basis and are enforced by either the Internal Revenue Service or local tax administration offices. Individuals who are taxed and do not pay by specific due dates are subject to stiff late penalties.

Use taxed in a sentence

You should always try and make sure that you know how much you will be taxed so that you can work it into the budget.

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The fee that was assessed on the import of foreign cars was because tax law states that all foreign vehicles must be taxed at a value relative to the value of the car.

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In the modern work environment, all citizens are taxed a minimum of two times by both state and federal government to help several systems in need of financial guidance including education, paying roads, and social security.

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