Tax Brackets For 2024 Filing Year. The irs has adjusted tax brackets and the standard deduction to account for. Depending on your tax rate and filing status, you’ll owe different amounts on different parts of your income depending on your taxable income.

Tax brackets dictate how much you’ll pay on each portion of your taxable income for the year. For single taxpayers and married individuals filing separately, the standard deduction rose to $14,600, up $750 from tax year 2023, the irs reported.