Business, Legal & Accounting Glossary
A tax schedule refers to the variety of forms used to report income taxes to the IRS. Common tax schedules used by taxpayers when filing taxes include:
– Schedule A: tax schedule used to report itemized deductions
– Schedule B: tax schedule used to report interest income and dividends
– Schedule D: tax schedule used to report capital gains and losses
A self-employed individual may also need to file a tax schedule to report income earned form a business activity (Schedule C – Profit or Loss From Business), as well as a tax schedule to show how much self-employment taxes is owed (Schedule SE – Self-Employment Tax). Each tax schedule form can be found on the IRS website.
A tax schedule can also refer to a tax rate schedule. The tax schedule shows the cut-off points of earned income and the tax rate applicable to that specific income range (i.e. tax bracket and associated tax rate). A separate tax schedule is used to determine the income tax rate depending upon filing status.
– Schedule X for a single individual
– Schedule Y-1 for those married and filing jointly as well as qualifying widow(er)
– Schedule Y-2 for those married filing separately-
– Schedule Z for those who are filing as the head of a household.
These specific tax schedules can also be found at the IRS website.
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This glossary post was last updated: 5th February, 2020 | 2 Views.