INCOMETAX

Income tax

An income tax is a government levy imposed on individuals or entities that varies with the income or profits of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporation tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions thereof. Most jurisdictions exempt locally organized charitable organizations from tax.

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income tax

Noun

  1. A tax levied on earned and unearned income, net of allowed deductions.


The above text is a snippet from Wiktionary: income tax
and as such is available under the Creative Commons Attribution/Share-Alike License.

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