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Finance Dictionary and Glossary of Investment Terms
Annual tax levied by the Federal government, most states, and some local governments, on an individual's or corporation's net profit.
A tax on any money earned during a fiscal year, usually filed on a yearly basis. All businesses except partnerships must file an annual income tax return. Partnerships file an information return.
A state or federal government's levy on individuals as personal income tax and on the earnings of corporations as corporate income tax.