The time constant of a series RC circuit is given by the formula \(\tau = RC\), where \(R\) is the resistance in ohms and \(C\) is the capacitance in farads. This time constant represents how quickly the circuit charges or discharges through the resistor. For example, after a time period equal to one time constant, the voltage across the capacitor will be approximately 63.2% of its final value during charging, or will drop to about 36.8% of its initial value during discharging.