Wit is a form of intellectual humour. A wit is someone skilled in making witty remarks. A witty remark is an incisive observation, put with humor and said in the perfect moment. Forms of wit include: the quip and the repartee.
Witty remarks may be intentionally cruel, and perhaps more ingenious than funny.
A quip is an observation or saying that has some wit but perhaps descends into sarcasm, or otherwise is short of point; a witticism also suggests the diminutive. Repartee is the wit of the quick answer. (Wilde: "I wish I'd said that." Whistler: "You will, Oscar, you will".)
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'The feast of reason, and the flow of soul,' - i.e. - the wits of the age, setting the table in a roar, by James Gillray (1797)
Wit Facts for Kids. Kiddle Encyclopedia.