[weyst-bas-kit, -bah-skit]
a standing basket for wastepaper, small items of trash, etc.
Also called wastepaper basket.

1855–60; waste + basket

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World English Dictionary
wastebasket (ˈweɪstˌbɑːskɪt)
Also called (esp in Britain): wastepaper basket an open receptacle for paper and other dry litter

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The drawer became over the years a sort of private wastebasket for crumbled-up
  spite and discarded personalities.
Your office mate whistles and leaves half-eaten food in the wastebasket.
Their wastebasket contained several scraps of crumpled paper covered with
  smudged images of copies that hadn't turned out well.
In a wastebasket beside the sink, there is one of those amber bottles in which
  oversweet and low-priced wine is sold.
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