paper thrown away as useless.

1575–85; waste + paper

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
wastepaper (ˈweɪstˌpeɪpə)
paper discarded after use

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
The destination of both categories is immediately the wastepaper basket.
Those which arrive after the deadline are considered late, and go straight into the wastepaper basket, and are then destroyed.
The researchers examined how well gypsum, alum and ground-up wastepaper kept phosphorus from leaching from farmland.
The contents of the wastepaper-basket are kept and in any case, are sure to be examined.
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