income tax

A state or federal government's levy on individuals as personal income tax and on the earnings of corporations as corporate income tax. Bloomberg Financial Dictionary

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income tax ˈincome tax noun [countable, uncountable] TAX
in Britain, a tax on money people earn, paid to the national government. In the US, a tax on the money people earn or on the profits companies make, paid to the national, state, or local government:

• Florida and Texas have no income tax, which is one reason that many people with substantial assets live there.

• He failed to report and pay income tax on his portion of this income.

see also separate entry for tax1
ˌcorporate ˈincome tax TAX
a tax on company profits in the US; = corporation tax Bre:

• a reduction in corporate income taxes that will benefit small businesses

deˌferred ˈincome tax TAX
income tax to be paid by a company in a later tax year on profits made in an earlier year:

• The company had $83.8 million of liabilities as of Sept. 30, excluding deferred income taxes.

ˌfederal ˈincome tax TAX
a tax paid by people on what they earn or by companies on their profits to the US government:

• They were charged with evading federal income taxes on millions of dollars of income.

indiˌvidual ˈincome tax TAX
income tax on what people earn rather than a tax on company profits:

• Individual income taxes, which account for close to half of all federal receipts, were down 4.5%.

ˌlocal ˈincome tax TAX
an income tax paid to a city in the US:

• These figures include local income tax of $138 in Denver and $1,903 in New York.

ˌnegative ˈincome tax TAX ECONOMICS
a proposal by some economists and politicians to make payments to people on low wages to bring their incomes up to a minimum level:

• I want to bring in a negative income tax to bring income up to the level needed for family subsistence.

ˌpersonal ˈincome tax TAX
another name for individual income tax:

• The state's budget includes a 4.5% personal income tax.

ˌstate ˈincome tax TAX
income tax paid to a US state government:

• Municipal bonds are typically free of state income taxes in the state where issued.

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income tax UK US noun [C or U]
TAX a tax on the money that a person earns from working or that a company earns from the sale of products or services: »

business/corporate/personal income tax

avoid/evade/pay income tax »

Several tax evaders got away with no penalties by agreeing to pay income tax for previous years.

put up/increase/raise income tax »

Congress is highly unlikely to raise income tax in an election year.

»

to cut/reduce/lower income tax

»

The Chancellor proposed a 1p cut in the basic rate of income tax.

See Note TAX(Cf. ↑tax)
See also CORPORATE INCOME TAX(Cf. ↑corporate income tax), FEDERAL INCOME TAX(Cf. ↑federal income tax), INDIVIDUAL INCOME TAX(Cf. ↑individual income tax), NEGATIVE INCOME TAX(Cf. ↑negative income tax), PERSONAL INCOME TAX(Cf. ↑personal income tax), STATE INCOME TAX(Cf. ↑state income tax)

Financial and business terms. 2012.

Look at other dictionaries:

  • income tax — n: a tax on the net income of an individual or a business compare excise, property tax Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Income tax — Income In come, n. 1. A coming in; entrance; admittance; ingress; infusion. [Obs.] Shak. [1913 Webster] More abundant incomes of light and strength from God. Bp. Rust. [1913 Webster] At mine income I louted low. Drant. [1913 Webster] 2. That… …   The Collaborative International Dictionary of English

  • income tax — income ,tax noun count or uncount * a tax based on your income that you pay to the IRS once a year or every three months: the basic/higher rate of income tax …   Usage of the words and phrases in modern English

  • income tax — n. a tax on income or on that part of income which exceeds a certain amount …   English World dictionary

  • income-tax — [inkɔmtaks] n. m. ÉTYM. 1803 1804; incometax, attestation isolée, 1801, in Höfler; mot angl., de income « revenu », et tax « taxe, impôt ». ❖ ♦ Didact. Dans les pays de langue anglaise, Impôt sur le revenu …   Encyclopédie Universelle

  • income tax — ► NOUN ▪ tax levied directly on personal income …   English terms dictionary

  • income tax — income taxes N VAR Income tax is a certain percentage of your income that you have to pay regularly to the government …   English dictionary

  • income tax — n [U] tax paid on the money that you earn …   Dictionary of contemporary English

  • income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …   Universalium

  • Income tax — Public financeAn income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or… …   Wikipedia

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