INCOME TAX

Pronunciation (US): (GB):

Meaning:

A personal tax levied on annual income

Classified under:

Nouns denoting possession and transfer of possession

Hypernyms ("income tax" is a kind of...):

revenue enhancement; tax; taxation (charge against a citizen's person or property or activity for the support of government)

Hyponyms (each of the following is a kind of "income tax"):

bracket creep (a movement into a higher tax bracket as taxable income increases)

estimated tax (income tax paid periodically on income that is not subject to withholding taxes; based on the taxpayer's predicted tax liability)

FICA (a tax on employees and employers that is used to fund the Social Security system)

withholding; withholding tax (income tax withheld from employees' wages and paid directly to the government by the employer)

supertax; surtax (an additional tax on certain kinds of income that has already been taxed)