The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024. Here’s what taxpayers need to know.
The standard deduction is increasing to $29,200 for married couples filing together and $14,600 for single taxpayers.
Federal income brackets show how much you'll owe on each portion of your"taxable income," calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
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