income taxincome tax
Forms used to pay United States income tax.
Fifteen percent of your income deducted from your paycheck and paid to the government to maintain the military and social welfare programs is an example of income tax.
income tax - Investment & Finance Definition
An annual federal tax that U.S. citizens, residents, and corporations have to pay on income. Some state and local governments have income taxes as well. Income tax was created in 1913 by the Sixteenth Amendment to the Constitution. The federal tax is progressive, meaning that it taxes an increasingly large percentage of personal income as individuals become wealthier.
- Many times, the death benefit your loved ones receives is income-tax free.
- The heavy taxation of the war years was still retained, to the disgust especially of the income-tax payers; and new issues arose over the Education Act, labour questions, and the introduction of Chinese labour into South Africa (in 1904), which were successfully used against the government in the constituencies.
- The country was still bearing an income-tax of elevenpence in the pound; it appeared that the old sources of revenue were inadequate; and meanwhile the statistics of trade, it was argued, showed that the English free-import system hampered English trade while providing the foreigner with a free market.
- Properly a "duty" differs from a "tax" in being levied on specific commodities, transactions, estates, &c., and not on individuals; thus it is right to talk of import-duties, excise-duties, deathor succession-duties, &c., but of income-tax as being levied on a person in proportion to his income.
- The income-tax having been declared unconstitutional by the Supreme Court, the measure had failed to produce a sufficient revenue, and it had been necessary to increase the public debt.