That's a fairly recent model of the lens, since it has both USD and VC.
The controls on the lens are:
- AF/MF turns autofocus on and off. A lot of people like to use manual focus when shooting macro. They'll preset the approx. magnification they want, then move closer or farther from the subject until it's in focus. There are "focusing rails" or "stages" for use with tripods to do this. With digital cameras, it can help to use Live View and magnify the image on the camera's rear screen... or even tether the camera to a tablet or laptop with a larger screen. Of course, you also can use autofocus and might especially want to do so when shooting at non-macro distances.
- The three position switch is a "Focus Limiter". It can be set to cover the full range of the lens, non macro distances (.5m to infinity) or to only the macro distances (.3m to .5m). This is useful because macro lenses are typically relatively slow focusing, even when they use a fast motor like the "ultrasonic" one in your lens (that's what "USD" means). The reason is that macro shots have very shallow depth of field, are unforgiving of focus errors, so the lenses typically use "long throw" focusing mechanisms that emphasize accuracy, at some cost in speed. The Focus Limiter can help you speed up focusing in various situations.
- The "VC" switch simply turns the lens' image stabilization on or off (Tamron calls it "Vibration Control"... hence "VC"). This will help you make steady shots with the lens. It's most useful at non-macro distances and probably will allow you to use two, three or maybe even four stops slower shutter speed than you'd normally need for hand held shooting with a 90mm lens (which "acts like 135mm on an APS-C D500 camera). Don't expect this level of help at closer distances though... macro is more susceptible to camera shake blur. As the lens is used at higher magnification, unfortunately this also magnifies any movement that's occurring. You might only see one stop of assistance doing hand held macro.... maybe even less at the highest magnification.
Also, Tamron probably tells you to turn off VC when using a tripod. Check the manual for that lens, to be sure. Many lenses with image stabilization need it turned off when the lens and camera are on a tripod and there's no movement. The reason is that the stabilization can "go crazy" with sort of a feedback loop when there's no movement to correct. It can actually cause movement and blurred images. It is necessary with all Sigma lenses that have stabilization (which they call "OS" or "optical stabilization"). It is only necessary to turn off IS on a few of Canon's lenses (5 out of around 35 or 40 with IS). The rest automatically turn it off when there's no movement. But I don't know about Tamron's VC, so be sure to check the manual on that lens.
The rest of the stuff on that lens is simply designations and information, not things you need to worry about. For many years "SP" is a designation Tamron has used for their premium lenses. It stands for something like "superior performance". I've used many Tamron SP lenses over the years and most have been excellent. I suspect you have the #F004 version of the lens, because "SP" is printed on it in gold in between the AF on/off slider and the VC on/off slider buttons (both of which are labelled in white ink). "SP" doesn't relate to either of those. It's just a designation.
I'm sure you know what 90mm and f/2.8 mean... focal length and the max (largest possible) aperture of the lens.
1:1 just tells you the lens is capable of full 1.0X magnification. What this means is that at it's closest focus distance, you can photograph something the same size as your camera's sensor. Being an APS-C in the D500, that image sensor is about 15x23mm. To put this in perspective, a US dime (10 cent coin) is about 17mm in diameter... so at the lens' highest possible magnification that coin would be slightly cut off top and bottom in your viewfinder.
I think all the Tamron 90mm macro models with USD and VC have been "internal focusing" or "IF" lenses. This means they don't increase in length at all when focused closer. Some macro lenses that aren't IF nearly double in size, which significantly reduces working distance between the front of the lens and the subject. Working distance can be a real problem shooting macro. Some subjects are shy and won't let you get too close. Others can bite or sting and may be dangerous. Even tame, friendly subjects (i.e., flowers) you might cast a shadow over when you get too close. And it can be difficult using a flash with a lens in the way.
The Tamron 90mm lenses are said to have a Minimum Focus Distance (MFD) of about 12 inches. But MFD is not the same as working distance. MFD that all manufacturers reference is measured from the "film plane" or "image sensor plane" of the camera to the subject. So part of the camera and the lens itself are occupying some of that distance. What's left is the working distance between the front of the lens and the subject.... and is a lot less than the stated MFD. Working distance would also be further reduced by adding any accessories to the front of the lens.... filters, lens hoods, or a macro flash, for example.
With the Tamron 90mm on your camera and set to it's max magnification/minimum focus distance, I think you'll find that the working distance between lens and subject is about 5" (assuming no hood or other accessories on the lens). Not a lot... but this is better than other macro lenses with much shorter focal lengths. There are longer focal length macro.... 150mm, 180mm and 200mm.... more working distance, but also shallower depth of field, more difficult to hold steady and more likely to need a tripod. Because of these factors, I usually recommend a macro lens in the 90mm, 100mm or 105mm focal length. They are a good compromise and might be the most useful.
As far as I know, there have been two versions of Tamron 90mm with both USD and VC: model #F004 and #F017. Look closely and you will probably find one or the other of those printed somewhere on the lens. Once you know the model, as recommended in an earlier response, go to the Tamron website and download the manual for your lens. The F017 is current production, while the F004 is an older version so you'll need to look under "discontinued" models (note there were probably 6 or 8 earlier version of the Tamron 90mm, it was first introduced as a manual focus lens in the 1980s).
You also might want to read more about the lens in reviews online... A good place to start is here:
https://www.the-digital-picture.com/Reviews/Tamron-Lens-Reviews.aspx. Bryan mostly concentrates on Canon gear and his testing of the Tamron 90mm lenses was done using Canon cameras, but the info should be useful regardless what brand camera the lens will be used upon. He appears to have reviewed the last three versions of the lens... including both the models with USD, VC and internal focusing.
Hope this helps!
That's a fairly recent model of the lens, since it... (