taxable
Pronunciation: [ˈtæksəbl]
Word
Context: "finance"
(adjective) when something can be taxed or is subject to tax. This means the government can charge money on that item, income, or service. For example, if you earn money from a job, that money is taxable, which means you will have to pay taxes on it.
Example
Her income from the job is taxable, so she needs to report it on her tax return.
Example
The gift she received is not taxable, so she doesn't have to pay any taxes on it.
Example
Is this income taxable under the new tax rules?
Context: "law"
(adjective) related to things that can legally be taxed. This means that according to the law, certain items or services must have taxes paid on them. For example, when you buy things like candy or clothes, those items may be taxable.
Example
Sales of many products are taxable, which helps provide money for public services.
Example
Some services, like healthcare, are not taxable, so you won’t owe any tax on them.
Example
Which purchases are taxable when I go shopping?
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