Income Tax
DEFINITION
Income tax is the percentage of your earnings that is paid to the government, either monthly or yearly.
ELI5
When you earn money from work, part of it goes to the government. That part is called income tax.
Income tax is the percentage of your earnings that is paid to the government, either monthly or yearly.
When you earn money from work, part of it goes to the government. That part is called income tax.
