2024 Tax Tables And Standard Deductions

2024 Tax Tables And Standard Deductions. The seven federal income tax brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Expiration of thetax cuts and jobs act next year will usher in higher tax rates, smaller child tax credit, among other things.

New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans. A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay.