Question

Define individual income tax

Answer 1

Tax paid on one's personal income as distinct from the taxpaid on the firm's earnings. In an incorporated firm, the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm's income(profits). In partnerships and sole-ownerships, the tax is paid only once on the firm's profits .I hope it help you

Answer 2

Tax paid on one's personal income as distinct from the tax paid on the firm's earnings. In an incorporated firm, the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm's income (profits). In partnerships and sole-ownerships, the taxis paid only once on the firm's profits.