A tax schedule is a sheet that taxpayers use to determine their applicable taxes. This sheet allows you to determine your tax rates through your income and situation.
What are the different types of tax schedules?
There are four overarching tax schedules based on your marital status:
- Schedule X for those who are single
- Schedule Y-1 for married couples filing jointly or for qualifying widows
- Schedule Y-2 is for married couples filing separately
- Schedule Z is for those filing as head of household
Within these tax schedules, you are shown income and the relevant tax rate to be paid. The income ranges and tax rates change each year, based on the level of inflation and the cost of living in the country.
Other types of tax schedules:
There are also various tax schedules in relation to the IRS 1040 form. These tax schedules include schedule A for itemized deductions, schedule B for income of interest and dividends, schedule C for self-employment, schedule D for capital gains and losses, schedule EIC for earned income tax credit, and SE for self-employment tax credit. These tax schedules are filled out on top of your tax returns when you qualify for the aforementioned circumstances.
To find the complete list of tax schedules, head on over to this website: www.irs.gov.