income tax Synonyms
income tax Meaning
Wordnet
income tax (n)
a personal tax levied on annual income
income tax Sentence Examples
- The federal income tax is levied on the taxable income of individuals, trusts, estates, and corporations.
- The income tax rate varies depending on the taxpayer's filing status and taxable income.
- Individuals are responsible for paying income tax on their earnings from wages, salaries, tips, and investments.
- Businesses are required to withhold income tax from their employees' paychecks.
- The April 15th income tax deadline is the last day to file income tax returns without facing penalties.
- Taxpayers may receive an income tax refund if they overpaid their taxes during the year.
- The earned income tax credit is a refundable tax credit for low- and moderate-income workers.
- The alternative minimum tax is a parallel tax system that ensures that high-income taxpayers pay a minimum amount of income tax.
- Taxpayers who fail to pay their income taxes may face penalties and interest charges.
- The Internal Revenue Service (IRS) is responsible for collecting and enforcing income taxes in the United States.
FAQs About the word income tax
a personal tax levied on annual income
hidden tax, excise, tariff, direct tax, property tax, single tax, custom(s),poll tax, withholding tax, personal tax
No antonyms found.
The federal income tax is levied on the taxable income of individuals, trusts, estates, and corporations.
The income tax rate varies depending on the taxpayer's filing status and taxable income.
Individuals are responsible for paying income tax on their earnings from wages, salaries, tips, and investments.
Businesses are required to withhold income tax from their employees' paychecks.
