What is tax: TAXdefinition

TAXdefinition: 1. (an amount of) money paid to the government that is based on your income or the cost of goods or…. Learn more. Dec 23, 2024 ·Calculating the precise amount you owe to the IRS takes some time. How much varies depending on where you live and work. Here's how incometaxworks. taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well.