Tax Rate Schedules Law and Legal Definition

Tax rate schedule is a chart published by the Internal Revenue Service (IRS) that enables the U.S. taxpayers to calculate his/her federal income tax burden for a particular year. This tax rate schedule is also known as tax table. The origin of the current tax rate schedules is the Internal Revenue Code of 1986 (Title 26 of the United States Code). There are four different types of tax rate schedules for married individuals filing jointly or qualifying widow/widower(s), unmarried heads of household, single taxpayers, and married individuals filing separate returns. U.S. Internal Revenue Service (IRS) updates the tax rate schedules according to the guidelines of U.S. Congress.