Definition
Income tax is a tax levied on earnings by the government.
Why It Matters
It funds public services and government operations.
Example
Federal taxes withheld from paychecks.
Malone Global University
Malone Global University
Economics Glossary – Malone Global University
Income tax is a tax levied on earnings by the government.
It funds public services and government operations.
Federal taxes withheld from paychecks.