UK 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<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.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Tax Schedule are sourced/syndicated and enhanced from:
This glossary post was last updated: 5th February 2020.