2024 Tax Rates And Standard Deduction

2024 Tax Rates And Standard Deduction. The standard deduction for married couples filing jointly was $29,200 in 2024, while heads of household saw a $21,900 standard deduction in 2024. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for heads of household.

The federal income tax has seven tax rates in 2024: The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the.