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TeachMeFinance.com - explain income tax income tax The term 'income tax' as it applies to the area of basic math can be defined as 'a monetary charge levied by an authority for public purposes that is based on monies made from employment, business, or capital gains'. Previous 5 Terms: inclusion-exclusion criteria Income insurance Income Protection (IP) Income Rate Income support Next 5 Terms: INCR Increased Cost of Compliance (ICC) increment borer Incremental effects Incremental energy costs About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.