Standard Deduction For 2024 And 2024. For single taxpayers, the 2024 standard deduction is $14,600, up $750 from 2023; Your standard deduction is the set dollar amount that you can use to lower your amount of taxable income.
Federal tax brackets range from 10% to 37%. Itemized deductions can also reduce your taxable income, but the amount varies and is not predetermined.