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. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  2. IRS Publication 600

    A document published by the Internal Revenue Service (IRS) that ...
  3. Married Filing Separately

    A filing status for married couples who choose to record their ...
  4. Separate Return

    A separate Form 1040, or a variant thereof, filed by a married ...
  5. Schedule A

    Schedule A is a U.S. income tax form that is used by taxpayers ...
  6. IRS Publication 501

    A document published by the Internal Revenue Service that covers ...
Related Articles
  1. Personal Finance

    Newlyweds? Tips For Filing Your Tax Return

    For many couples, it pays to file for taxes together. But what are some of the obstacles you should watch out for?
  2. Taxes

    Income Tax Brackets for 2015-2016

    Learn about the 2015-2016 tax brackets, how to calculate your marginal tax rate, the five types of filing status and how to qualify for them.
  3. Taxes

    20 Tax Changes You Need To Know About

    Don't miss out on the tax changes. Here's a list that you need to know about.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Taxes

    Federal Tax Brackets

    Why do we have income tax brackets? What do they do for us? Read this to understand the basics and where to find your own bracket.
  10. 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.
RELATED FAQS
  1. Who's required to fill out a Schedule C IRS form?

    Find out if you're required to use a sole proprietor Schedule C form with your 1040 when completing your tax return this ... Read Answer >>
Hot Definitions
  1. Free Cash Flow - FCF

    A measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents ...
  2. Leverage Ratio

    Any ratio used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to ...
  3. Two And Twenty

    A type of compensation structure that hedge fund managers typically employ in which part of compensation is performance based. ...
  4. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying ...
  5. Expense Ratio

    A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual ...
  6. Mezzanine Financing

    A hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing ...
Trading Center