Legal Definitions - taxable

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.