Tax Schedule

AAA

DEFINITION of 'Tax Schedule'

A rate sheet used by individual taxpayers to determine their estimated taxes due. There are four main schedules used, based on the filing status of the individual:

Schedule X - single
Schedule Y-1 - married filing jointly, qualifying widow(er)
Schedule Y-2 - married filing separately
Schedule Z - head of household

The term is also used to describe the various addendum sheets to IRS Form 1040, which include schedules A (itemized deductions), B (dividend & interest income), C (business profit or loss) and D (capital gains).

Also known as a "rate schedule" or "tax rate schedule".

INVESTOPEDIA EXPLAINS 'Tax Schedule'

The main tax schedules have income breakpoints clearly stated, and show which tax rates apply both above and beneath these breakpoints. These schedules will change each tax year, and may have different income ranges than those mentioned on state or municipality tax forms.

Investors can find all federal tax schedules on the IRS website, www.irs.gov.

RELATED TERMS
  1. Income Tax

    A tax that governments impose on financial income generated by ...
  2. 1040A Form

    A simplified version of the 1040 form for individual income tax. ...
  3. Tax Bracket

    The rate at which an individual is taxed. Tax brackets are set ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
  6. Tax Table

    A table or chart displaying the amount of tax due based on income ...
RELATED FAQS
  1. No results found.
Related Articles
  1. Taxes

    Before You Visit Your Tax Preparer: Do This

    The earlier you start preparing your tax records and documents, the more likely you are to have a smooth tax return experience โ€“ and all the tax benefits you're due.
  2. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  3. Retirement

    How IRA Contributions Affect Your Taxes

    Learn how to work with the tax man to avoid getting gouged when you convert your plans.
  4. Taxes

    Tablets To 1040s: How Taxes Began

    Ever dream of a world without tax? It existed - 3,000 years ago.
  5. Taxes

    10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  6. Taxes

    Taxes: H&R Block Vs. TurboTax Vs. Jackson Hewitt

    There are more and more tax services to help ease the pain of filing income taxes. Here's our take on three of the biggest.
  7. Taxes

    The Best Free Tax-Prep Software For April 15, 2015

    Filing state taxes online costs money, but many platforms let you file simple federal returns free. Some support more complex filings; others import data.
  8. Taxes

    5 Smart Uses For Your Tax Refund

    Consider using the bulk of your refund to take care of long-term needs, like saving for retirement or college.
  9. Taxes

    Top 10 Tax Filing Mistakes โ€“ And How To Avoid Them

    What are the worst tax filing mistakes people make? Tax expert and attorney Barbara E. Weltman points out 10 common ones โ€“ and how to steer clear of them.
  10. Entrepreneurship

    10 Tax Benefits For The Self-Employed

    Running your own business has both personal and financial perks.

You May Also Like

Hot Definitions
  1. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  2. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  3. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  4. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  5. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  6. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
Trading Center