Standard Deduction Tax 2024. You pay tax as a percentage of your income in layers called tax brackets. It is mainly intended for residents of the u.s.
The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.