Meaning of the word taxes in English

What does taxes mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

taxes

US /ˈtæksɪz/
UK /ˈtæksɪz/

Plural Noun

compulsory contributions to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions

Example:
I need to pay my taxes by the end of the month.
The government increased taxes on luxury goods.