income tax


income tax
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. . 1996.

income tax
n.
Tax levied on a person’s income by the federal government and some state governments.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


income tax
a tax on income; income, however, is not defined as such but is described by reference to various schedules, as provided for in the Income and Corporation Taxes Act 1988. These relate to, for example, income from employment, trading profits, income from land and other investment income.

Collins dictionary of law. . 2001.


income tax
A tax on an individual or a corporation's net income after deductions for various expenses and payments, such as charitable gifts or business expenses. There is a federal income tax and most states assess income tax but at a lower rate than the federal government.
Category: Business, LLCs & Corporations
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

income tax
England, Wales
A tax on income. Not all income is taxable and an individual is only taxed on "taxable income" to the extent it exceeds the individual's income tax personal allowance for the tax year. There are other reliefs and allowances that can apply to reduce the amount of income tax payable.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


income tax
n. A tax on the net income of an individual or business entity.

Webster's New World Law Dictionary. . 2000.


income tax
A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the Internal Revenue Code or state law.

Dictionary from West's Encyclopedia of American Law. 2005.


income tax
A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the Internal Revenue Code or state law.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

income tax
n.
   a tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disabilities and other factors. Federal income taxes have been collected since 1913 when they were authorized by the 16th Amendment to the Constitution. Most states also assess income taxes, but at a substantially lower rate than that of the federal government.
   See also: income tax

Law dictionary. . 2013.