IRS announces you will have more money on your Paycheck Starting in 2024
<p>The Internal Revenue Service announced on Thursday that the thresholds for income tax brackets, and the standard amount Americans can deduct, are both moving up.</p>
<p>The moves — two among several adjustments based on rising inflation — means that taxpayers will have to earn more money to qualify for higher income brackets and their correspondingly higher rates for tax year 2024.</p>
<p>The top rate of 37%, for instance, will apply to individuals with annual taxable income above $609,350 or to jointly filing married couples who earn more than $731,200. That’s a bump up from tax year 2023 (the taxes you’ll owe in April) for which the thresholds were $578,125 and $693,750, respectively.</p>
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