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Definition of 'Tax Table'
A table or chart displaying the amount of tax due based on income received. The tax rate may be shown as a discrete amount, a percentage rate, or a combination of both. Tax tables are used by individuals, companies and estates for both standard income and capital gains.
A typical tax table will show breakpoint income levels, above and below which different tax rates will apply.
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Investopedia explains 'Tax Table'
Tax tables are used most often by individuals and companies with modest levels of income. High income earners, whether individuals or corporations, tend to use more detailed tax rate schedules in conjunction with itemized deductions.
Tax tables will change from year to year, and will vary from state to state. Investors should always be sure that they are using the correct tax tables based on their income sources and area of residence.
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Shows the breakdown by filing status.
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