Standard Deduction For 2024 For Seniors. The top marginal tax rate in tax year 2024, will remain at 37% for single individuals with incomes greater than $609,350. 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 $61,150.
The finance minister proposed to increase the standard deduction for salaried employees from rs 50,000 to rs 75,000. If you are 65 or older or blind, you can claim an additional standard deduction.