Income Tax (Noun)
Meaning
A personal tax levied on annual income.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The government uses income tax to fund public goods and services.
- Income tax is typically withheld from an employee's paycheck by their employer.
- She had to file her income tax return by the end of April to avoid penalties.
- The new tax reform aimed to simplify the income tax code and reduce rates.
- His income tax refund was delayed due to an error on his tax return.