The standard tax deduction and tax brackets have changed for the 2024 filing year.
The standard deduction rose to $29,200 for married couples filing jointly, a $1,500 increase. Single taxpayers and married people filing separately take a standard deduction of $14,600, an increase of $750. For a head of household the standard deduction rose to $21,900, a $1,100 increase.
Income tax brackets have been adjusted:
37% for individual taxpayers with incomes over $609,350, and $731,200 for married couples filing jointly
35% for individual taxpayer incomes over $243,725, and $487,450 for married couples filing jointly
32% for individual taxpayer incomes over $191,950, and $383,900 for married couples filing jointly
24% for individual taxpayer incomes over $100,525, and $201,050 for married couples filing jointly
22% for individual taxpayer incomes over $47,150, and $94,300 for married couples filing jointly
12% for individual taxpayer incomes over $11,600, and $23,200 for married couples filing jointly
10% for individual taxpayer incomes of $11,600 or less, and $23,200 or less for married couples filing jointly
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
