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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

income tax  

Definition 1.

Annual tax levied by the Federal government, most states, and some local governments, on an individual's or corporation's net profit.
 

Definition 2.

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.
 

Definition 3.

A state or federal government's levy on individuals as personal income tax and on the earnings of corporations as corporate income tax.
 
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