![]() ![]() Married couples filing jointly will see a deduction of $29,200, a boost of $1,500 from 2023, while heads of household will see a jump to $21,900 for heads of household, an increase of $1,100 from 2023.Ģ024 Standard Deduction Amounts Kelly Phillips Erbįor 2024, the additional standard deduction amount for the aged or the blind is $1,550. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023. ![]() ![]() You were generally allowed one exemption for yourself (unless you could be claimed as a dependent by another taxpayer), one exemption for your spouse if you filed a joint return, and one personal exemption for each of your dependents-but that's no longer the case. Personal exemptions used to decrease your taxable income before you determined the tax due. 12% for incomes over $11,600 ($23,200 for married couples filing jointly)ĭue to the 2017 tax reform law, there will be no personal exemption amounts in 2024.22% for incomes over $47,150 ($94,300 for married couples filing jointly).24% for incomes over $100,525 ($201,050 for married couples filing jointly).32% for incomes over $191,950 ($383,900 for married couples filing jointly).35% for incomes over $243,725 ($487,450 for married couples filing jointly).For the tax year 2024, the top tax rate is 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). Your marginal tax rate determines what you pay when you receive the next dollar of income-it represents the highest tax rate you pay for the year. Income Tax Calculator: Estimate Your Taxes Top Marginal Tax Rates ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |