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Nontaxable: meaning, definitions and examples

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nontaxable

 

[ nɒnˈtæksəbl ]

Adjective
Context #1 | Adjective

taxation terms

Nontaxable refers to income or transactions that are not subject to taxation by federal or state authorities. This classification can include certain types of income such as gifts, inheritances, and specific government benefits. Understanding what is considered nontaxable is crucial for individuals and businesses to ensure compliance with tax laws while maximizing their eligible deductions. Nontaxable statuses can vary between jurisdictions, hence it's essential to consult tax regulations relevant to one's area.

Synonyms

exempt, non-taxable, tax-free, untaxed

Examples of usage

  • Gifts are generally considered nontaxable.
  • The nontaxable portion of your income includes certain allowances.
  • Some social security benefits may be nontaxable.
  • Interest earned on municipal bonds is often nontaxable.
  • Education grants can sometimes be nontaxable.

Translations

Translations of the word "nontaxable" in other languages:

🇵🇹 não tributável

🇮🇳 गैर-कर योग्य

🇩🇪 nicht steuerpflichtig

🇮🇩 tidak kena pajak

🇺🇦 недоходний

🇵🇱 niepodlegający opodatkowaniu

🇯🇵 非課税の

🇫🇷 non imposable

🇪🇸 no sujeto a impuestos

🇹🇷 vergiden muaf

🇰🇷 비과세의

🇸🇦 غير خاضع للضرائب

🇨🇿 nepodléhající dani

🇸🇰 nepodliehajúci dani

🇨🇳 免税的

🇸🇮 neobdavčljiv

🇮🇸 ekki skattskyldur

🇰🇿 салық салынбайтын

🇬🇪 გადასახადისგან თავისუფალი

🇦🇿 vergidən azad

🇲🇽 no sujeto a impuestos

Etymology

The term 'nontaxable' is derived from the prefix 'non-', indicating negation, and the word 'taxable'. The origins of the word 'tax' can be traced back to the Latin word 'taxare', which means 'to assess' or 'to value'. This evolved through Old French as 'taxer', which retained the same meaning. The concept of taxation has been an integral part of societal governance for centuries, with roots in ancient civilizations where various forms of levy were imposed to fund communal needs. Nontaxable delineates a specific category within the broader tax framework, defining what is outside the reach of taxation based on legal stipulations. With the growth of economic activities and complexity in financial instruments, the classification of nontaxable income has grown increasingly important for legislation and individual financial planning.

Word Frequency Rank

Positioned at #24,637, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.