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 The adjusted withholding rates will boost paychecks and lower income tax for many Americans. Kelly Tyko, Axios, 22 Oct. 2024 So far, the Republican presidential nominee has officially proposed eliminating income tax on tips, Social Security benefits and overtime pay. Kristian Burt, CNBC, 22 Oct. 2024 Under her watch, the individual income tax went from a nine-bracket system with a top rate of 8.98% to one flat rate of 3.8%. Adam A. Millsap, Forbes, 17 Oct. 2024 An individual filer with a total income between $25,000 and $34,000 may have to pay income tax on up to 50% of those benefits, and above $34,000, up to 85% of Social Security benefits may be taxable, according to the SSA. Kathryn Watson, CBS News, 17 Oct. 2024 See all Example Sentences for income tax 

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'income tax.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

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 5 Nov. 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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