In positive psychology the official term used for happiness is "Subjective Wellbeing".
As a science it naturally comes with its own formula, such as the one below:-
SWB = SWL + (PA-NA)
SATISFACTION WITH LIFE (SWL) - is the way you rate your life. Are you making progress towards your goals?Or is there gap between where you are and where you'd like to be?How satisfied you are with various areas of life, such as work or home? This is the cognitive side of HAPPINESS 
POSITIVE AFFECT (PA) is the sum total of positive emotions and it's ratio to NEGATIVE AFFECT (NA). What is your balance of positive to negative emotions like?
This is the emotional side of HAPPINES

Prof Martin Seligman, the cofounder of positive psychology, gives the following formula in his classic book
" Authentic Happiness"
H= S+C+V
H - refers to your HAPPINESS baseline
The SET RANGE (S) - is your genetic setpoint for happiness, inherited from your biological family. 
Your CIRCUMSTANCES (C) - such as what you do for work and where you live.
The Voluntary (V) - part is your window of opportunity. This is about your choice of mindset and the practices you engage in. 

So what is your formula for HAPPINESS?