Standard Deduction 2024 Married Filing Joint. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for. People 65 or older may be eligible for a higher amount.
You pay tax as a percentage of your income in layers called tax brackets. [* section 103(a) of the jobs and growth tax relief reconciliation act of 2003 (p.l.