IPA: //ˈweɪstˌbæskɪt//
KK: /ˈweɪstˌbæskɪt/
A small container used for holding trash or waste materials, often found in offices or homes.
Please throw that paper in the wastebasket.
Wastebasket → It is formed from "waste" (from Old English *wæstma*, meaning refuse or something discarded) and "basket" (from Old French *basquet*, meaning a small container). The word "wastebasket" refers to a container for holding discarded items or refuse.
Think of a container ('basket') for holding things that are 'discarded' ('waste') — that's what a wastebasket is for.