2024 Tax Rates Standard Deduction. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. After 2025, when it also expires, the deduction will be cut in half to $7,300.
This article summarizes income tax rates, surcharge, health & education cess, special rates, and rebate/relief applicable to various categories of persons viz. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to.