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For heads of households, the standard deduction will be $22,500 for tax year 2025, up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.
For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.
Income thresholds for each tax bracket will rise by about 2.8% in the new year, compared to 5.4% in 2024 and 7% for 2023. ... 2024-2025 federal income tax brackets and rates. What’s the standard ...
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly
Federal and state income tax rates have varied widely since 1913. For example, in 1954, the federal income tax was based on layers of 24 income brackets at tax rates ranging from 20% to 91% (for a chart, see Internal Revenue Code of 1954).