tax

Example:John had to pay a substantial amount of income tax this year.

Definition:A tax on income, both earned and unearned, which may include salaries, wages, profits from business activities, and capital gains.

Example:The property tax payment was due by the end of April.

Definition:A tax levied on the value of a person's property, which is often used to fund local government services.

Example:Be sure to add the sales tax to your total when you check out.

Definition:A tax applied to specific items or services at the point of sale, usually a percentage of the item's cost. It is collected by the seller and remitted to the government.

Example:Several high-profile companies have been charged with tax evasion in the past decade.

Definition:The illegal act of avoiding tax liability by making a false claim, failing to file a tax return, or misrepresenting financial information.

Example:The company is currently evaluating the implications of a potential change in corporate tax rates.

Definition:A tax levied on the profits of an organized company. It is often determined on the location where the company generates its income.