IPA: /ʌnˈtækst/
KK: /ʌnˈtækst/
Not having taxes paid on something that is usually required to be taxed.
The untaxed income from the freelance work surprised the accountant.
Untaxed → It is formed from "un-" (meaning not) and "taxed" (from Old French *taxer*, meaning to assess or impose a tax). The word "untaxed" means not subject to taxation or not assessed for tax.
Think of 'not' ('un-') being applied to something that has been 'assessed for tax' ('taxed'). This helps you remember that 'untaxed' means something that is not subject to tax.