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LSDefine
Simple English definitions for legal terms
taxable
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A quick definition of taxable:
Taxable: When something is taxable, it means that it can be taxed by the government. For example, if you earn money from a job or from investments, that money is usually taxable. This means that you have to pay a portion of that money to the government as taxes.
A more thorough explanation:
Definition: capable of being taxed or subject to taxation.
Example: Interest earned on a savings account is considered taxable income by the government.
Explanation: When the government imposes a tax on a particular income or asset, it is said to be taxable. In the given example, the interest earned on a savings account is considered taxable because it is subject to taxation by the government. This means that the account holder will have to pay a certain percentage of their interest earnings as tax to the government.