Taxable
ˈtæksəbəl
Definitions
Subject to taxation; liable to be taxed.
ˈtæksəbəl
Subject to a tax.
My salary is taxable income.
💡 Simply: Imagine you get paid for your lemonade stand. The money you make might be 'taxable,' which means the government might want a part of it.
👶 For kids: If something is taxable, it means the government can ask for some money from it.
More Examples
The company's profits are fully taxable.
Gifts above a certain value may be taxable.
How It's Used
"The government increased the taxable income threshold."
"All forms of income are taxable."
Idioms & expressions
tax avoidance
Legal methods used to reduce tax liability.
"Aggressive tax avoidance strategies are being scrutinized by the IRS."
tax evasion
The illegal non-payment or underpayment of tax.
"Tax evasion is a serious crime and can result in severe penalties."
From Middle English tax, taxe (“a tax”) + -able (suffix forming adjectives).
The term 'taxable' has been used since the 15th century, evolving alongside the development of financial systems and taxation.