What type of tax is imposed on income earned from work and savings?

Income tax is levied on the earnings individuals or entities receive from their employment and investments. This tax is typically calculated based on the individual's or entity's total taxable income, which includes wages, salaries, bonuses, and interest earned from savings and investments.

Income tax is a primary source of revenue for governments and is used to fund various public services and programs. The rate at which income is taxed can vary based on the tax bracket, which is often progressive in nature, meaning that higher income levels are taxed at higher rates.

In contrast, property tax is levied on real estate, sales tax is applied to the sale of goods and services, and excise tax is imposed on specific goods, such as fuel or tobacco. These taxes do not directly relate to income earned from labor or investments, which is why income tax is the correct answer in this context.