2024 Tax Brackets And Standard Deduction. Your bracket depends on your taxable income and filing status. The seven federal income tax brackets for 2024 and 2025 are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans.