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.

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2020 irs income tax tables