2024 Income Tax Brackets And Deductions. A handful of tax provisions, including the standard deduction and tax brackets, will see. The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025.

Your taxable income and filing status determine both the tax rate and bracket that apply to you, outlining the amount you’ll owe on different portions of your income. You pay tax as a percentage of your income in layers called tax brackets.