income tax

income tax
A tax based on income, gross or net. Powell v Gleason, 50 Ariz 542, 74 P2d 47, 114 ALR 838. Usually regarded as an excise rather than a property tax. Sims v Ahrens, 167 Ark 557, 271 SW 720; Miles v Department of Treasury, 209 Ind 172, 199 NE 372, 97 ALR 1474, 101 ALR 1359, app dismd 298 US 640, 80 L Ed 1372, 56 S Ct 750. Income tax laws do not profess to embody perfect economic theory. They ignore some things that either a theorist or a businessman would take into account in determining the pecuniary condition of the taxpayer. Weiss v Wiener, 279 US 333, 73 L Ed 720, 49 S Ct 337.

Ballentine's law dictionary. . 1998.

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  • 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. Merriam Webster. 1996 …   Law dictionary

  • Income tax — Income In come, n. 1. A coming in; entrance; admittance; ingress; infusion. [Obs.] Shak. [1913 Webster] More abundant incomes of light and strength from God. Bp. Rust. [1913 Webster] At mine income I louted low. Drant. [1913 Webster] 2. That… …   The Collaborative International Dictionary of English

  • income tax — income ,tax noun count or uncount * a tax based on your income that you pay to the IRS once a year or every three months: the basic/higher rate of income tax …   Usage of the words and phrases in modern English

  • income tax — n. a tax on income or on that part of income which exceeds a certain amount …   English World dictionary

  • income-tax — [inkɔmtaks] n. m. ÉTYM. 1803 1804; incometax, attestation isolée, 1801, in Höfler; mot angl., de income « revenu », et tax « taxe, impôt ». ❖ ♦ Didact. Dans les pays de langue anglaise, Impôt sur le revenu …   Encyclopédie Universelle

  • income tax — ► NOUN ▪ tax levied directly on personal income …   English terms dictionary

  • income tax — income taxes N VAR Income tax is a certain percentage of your income that you have to pay regularly to the government …   English dictionary

  • income tax — n [U] tax paid on the money that you earn …   Dictionary of contemporary English

  • income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …   Universalium

  • Income tax — Public financeAn income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or… …   Wikipedia

  • income tax — A state or federal government s levy on individuals as personal income tax and on the earnings of corporations as corporate income tax. Bloomberg Financial Dictionary * * * income tax ˈincome tax noun [countable, uncountable] TAX in Britain, a… …   Financial and business terms

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