Income Tax

Income Tax in United States

Practical Information

Note: Some of this information was last updated in 1982

A federal, state, or local tax that is levied on the income (in U.S. law) of individuals and corporations, estates, and some trusts. The federal income tax is expressly authorized by the Sixteenth Amendment to the Constitution. Under the federal pay-as-you-go income tax collection system, most individuals pay all or a substantial part of their income tax during the year in which they receive their income. The tax is withheld from their wages (see withholding (in U.S. law)) or is paid in quarterly installments based on a declaration of estimated tax, or both. Most income taxes are graduated-taxes (in U.S. law). The rates increase as the amount of income reported increases. See also internal revenue service (in U.S. law).

(Revised by Ann De Vries)

What is Income Tax?

For a meaning of it, read Income Tax in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Income Tax.

Other Popular Tax Concepts

Other Popular Tax Concepts

Other Popular Tax Concepts

Income Tax in the International Business Landscape

Definition of Income Tax in the context of U.S. international business and public trade policy: A tax levied on individual or corporate income.



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