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".

BREAKING DOWN '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. Tax Rate

    The percentage at which an individual or corporation is taxed. ...
  2. IRS Publication 501

    A document published by the Internal Revenue Service that covers ...
  3. Single Filer

    The filing status used by a taxpayer who is unmarried and does ...
  4. Filing Status

    A category that defines the type of tax return form an individual ...
  5. American Taxpayer Relief Act Of ...

    A U.S. bill signed by President Obama on January 2, 2013, that ...
  6. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
Related Articles
  1. Financial Advisor

    Tax Time is Coming; Don't Be Caught Off Guard

    It's time to think about tax returns again. The good news is that the regulations in 2016 have not changed dramatically from last year.
  2. Taxes

    Should Married Taxpayers File Together?

    Married couples that file a joint tax return can enjoy several credits and benefits that aren’t available when filing separately.
  3. Taxes

    What's IRS Form 1040 For?

    Most U.S. taxpayers will be familiar with the 1040. By the end of filling it out, you'll know how much tax you owe, or what your refund is.
  4. Financial Advisor

    2016 Tax Code Changes Add Some Wiggle Room

    It's never too early to prepare for tax season. Next year features a host of tax law changes. Check our handy list to see which ones apply to you.
  5. Retirement

    Top Tax Tips For Retirees

    Filing your taxes during retirement can be just as time consuming as when you were employed. We have some tips to help you out.
  6. Taxes

    New Tax Rules Target The Top Tax Bracket

    The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years.
  7. Taxes

    Ryan vs. Trump: How Their Tax Plans Differ

    Changes to the tax code are likely, but President-elect Trump and House Speaker Paul Ryan (D-Wis.) have yet to agree on which ones.
  8. Taxes

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  9. Taxes

    Smart Year-End Tax Moves for 2016 (Part Two)

    Here's are some crucial tax planning strategies for investments, Social Security and Medicare.
  10. Taxes

    Why Do So Many People Fall Behind On Their Taxes?

    Despite the threat of owing thousands of dollars to possibly the most feared organization in the U.S., millions of Americans continue to fall behind on their taxes.
RELATED FAQS
  1. What's the difference between a tax rate and a tax bracket?

    These two terms are often incorrectly used interchangeably. Find out the difference between your tax rate and your tax bracket. ... Read Answer >>
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
  3. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  4. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  5. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
  6. Buyback

    The repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies ...
Trading Center