taxable
/'tæksəbl/
Definition
Adjective: Subject to being taxed; required by law to have a tax paid on it. It describes income, property, goods, or funds that are liable for taxation by a government authority.
Usage
The adjective "taxable" is used to describe something on which a tax must be paid. It is commonly used in financial, legal, and administrative contexts. * It typically precedes a noun (e.g., taxable income, taxable event). * It can follow a linking verb like "is," "are," or "become" (e.g., These benefits are taxable).
Examples
- Before a noun:
- You must report all taxable income on your annual return.
- The government has expanded the list of taxable goods.
- The inheritance became part of his taxable estate.
- After a linking verb:
- Interest earned from this account is taxable.
- Are these dividends taxable?
- Not all scholarships are taxable; some are exempt.
Advanced Usage
- Taxable base: The total amount of income, property value, or transaction value on which the tax rate is applied to calculate the tax owed.
- Taxable event: A specific occurrence or transaction that creates a tax liability, such as selling an asset for a profit or receiving income.
- Taxable person (in VAT/GST systems): An individual or entity that is registered or required to be registered for value-added tax or goods and services tax purposes.
Variants and Related Words
- Tax (verb/noun): The related action (to impose a tax) and the compulsory financial charge itself.
- Nontaxable / Tax-exempt (adjective): The direct opposite, meaning not subject to taxation.
- Taxability (noun): The quality or state of being taxable.
Synonyms
- Assessable
- Dutiable
- Liable to tax
- Chargeable
Antonyms
- Nontaxable
- Tax-exempt
- Tax-free
Adjective
-
(of goods or funds) subject to taxation
-
taxable income
-
nonexempt property
-
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