Tax

/tæks/

Meaning & Definition

noun

A compulsory financial charge or levy imposed by a government on individuals or entities, used to fund government spending and public services.

The government increased the income tax rate for high earners.

A burden or obligation; a duty.

She felt the tax of working long hours was affecting her health.

verb

To impose a financial charge on someone.

The government decided to tax the sale of sugary drinks to combat obesity.

To burden or strain someone or something.

The lengthy project began to tax the team's resources.

Middle English, from Latin 'taxare' meaning 'to estimate, assess'.

tax return

A form submitted yearly to the IRS containing all income earned and taxes owed.

property tax

A tax based on the value of owned property, including land and buildings.

sales tax

A tax imposed on sales of goods and services.

income tax

A tax levied directly on personal income.

taxation

The process of imposing taxes.

taxpayer

A person or entity that pays tax.

taxable

Subject to tax.

Tax man

I heard the tax man is coming to check our books.

Get taxed

You really got taxed with that whole expense!