2024 Standard Deductions And Tax Brackets . New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans. The seven federal income tax brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The standard deduction amount for tax year 2023 (filed in 2024) is $13,850 for single filers, $27,700 for married couples, and $20,800 for heads of household. These changes will apply to 2024 income, which is reported on tax.
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