What does it mean when an item is "taxable"?

I had a Christmas party at my job and they were raffling gifts and they said if you receive a gift they are considered taxable. What does this mean? I got a crockpot lol

Other answer:

Chantelle's:
the employer can give gifts to employees not to exceed $25
if this is a company raffle and there are large prizes, that will be $600 or more they are taxable to the winner, ie a cruise vacation would very likely be one and you would pay taxes on the value
Eva:
If the gift is under $25 and not cash or a gift card, it doesn't have to be declared as income on your income tax. I would think a crock pot would be under that. A gift over that amount from your employer is supposed to be run through payroll and added to your W2.
Pascal the Gambler:
It is taxable as income to you because it is from your employer.
Squidmaster:
It means they count as taxable income, meaning they're value is added to the amount you are paid by the company to determine how much tax you pay.
Bob:
it means they value is taxable
Judy:
The value of the item goes on your income tax as miscellaneous income.
StephenWeinstein:
It means that you must pay income tax on what you won.
ninasgramma:
The value of the item will be included in your wages.
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