Meaning & Definition of word "Taxable"
Taxable
/ˈtæksəbl/
adjective:
- 1. Subject to taxation; liable to be taxed.
- Example: Income earned from self-employment is considered taxable.
- 2. Applicable or relevant in terms of taxation.
- Example: The company reported a taxable profit for the fiscal year.
- 3. Referring to items that can be taxed under laws or regulations.
- Example: Certain types of gifts are deemed taxable under federal tax laws.
Etymology
●Derived from the word 'tax' combined with the suffix '-able', indicating capability.
Common Phrases and Expressions
taxable income:
Income that is subject to tax.
taxable event:
An occurrence that triggers a tax obligation.
Related Words
tax:
A compulsory financial charge or levy imposed by a government.
exemption:
The process of freeing or state of being free from an obligation or liability imposed on others.