Typically commonly occurring fossils that had a widespread geographic distribution such as brachiopods, trilobites, and ammonites work best as index fossils.
If the fossil you are trying to date occurs alongside one of these index fossils, then the fossil you are dating must fall into the age range of the index fossil. In a hypothetical example, a rock formation contains fossils of a type of brachiopod known to occur between 410 and 420 million years.
There are two main methods determining a fossils age, relative dating and absolute dating.
The same rock formation also contains a type of trilobite that was known to live 415 to 425 million years ago.
Since the rock formation contains both types of fossils the ago of the rock formation must be in the overlapping date range of 415 to 420 million years.
Known as radiocarbon dating, this method provides objective age estimates for carbon-based objects that originated from living organisms.
The “radiocarbon revolution” made possible by Libby’s discovery greatly benefitted the fields of archaeology and geology by allowing practitioners to develop more precise historical chronologies across geography and cultures.
This uses radioactive minerals that occur in rocks and fossils almost like a geological clock.