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.
The standard Internal Revenue Service (IRS) form that individuals ...
A simplified version of the 1040 form for individual income tax. ...
A tax that governments impose on financial income generated by ...
A United States government agency that is responsible for the ...
The rate at which an individual is taxed. Tax brackets are set ...
A table or chart displaying the amount of tax due based on income ...