income tax

noun

: a tax on the net income of an individual or a business

Examples of income tax in a Sentence

Federal income tax will be deducted from your pay. The new law will lower income taxes for most taxpayers.
Recent Examples on the Web
Examples are automatically compiled from online sources to show current usage. Read More Opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback.
To be sure, many drivers do not claim the mileage deduction on their federal income tax returns. Susan Tompor, USA TODAY, 21 Dec. 2024 The bill introduced by Blessing and Smith would also have provided free breakfast and lunch in schools and increased the share of state income tax revenue going to the Local Government Fund and the Public Library Fund from 1.7% to 2%. J.d. Davidson | The Center Square, Washington Examiner - Political News and Conservative Analysis About Congress, the President, and the Federal Government, 20 Dec. 2024 Texas has several benefits attracting people that California doesn't offer: the state has no income tax, it's cut off from the Western Interconnection electric system and has been building more new homes, whereas the Golden State is still going through a homelessness crisis and a housing shortage. Gord Magill, Newsweek, 20 Dec. 2024 The company recognized income tax benefits of $2.6 million for fiscal 2024, compared to $7.2 million in fiscal 2023. Quartz Bot, Quartz, 19 Dec. 2024 See all Example Sentences for income tax 

Word History

First Known Use

1799, in the meaning defined above

Time Traveler
The first known use of income tax was in 1799

Dictionary Entries Near income tax

Cite this Entry

“Income tax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/income%20tax. Accessed 27 Dec. 2024.

Kids Definition

income tax

noun
ˈin-(ˌ)kəm-
: a tax on the income of a person or business

Legal Definition

income tax

noun
: a tax on the net income of an individual or a business compare excise, property tax
Last Updated: - Updated example sentences
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