2024 Tax Tables And Standard Deductions Chapter. You pay tax as a percentage of your income in layers called tax brackets. 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.
Section 63(c)(2) of the code provides the standard deduction for use in filing individual income tax returns. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;