2024 Income Tax Brackets And Deductions For Seniors. The internal revenue service released its annual inflation adjustments tuesday with new federal income tax brackets and standard deductions for the 2025 tax year. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income.
The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket for the. Depending on your tax rate and filing status, youโll owe different amounts on different parts of your income depending on your taxable income.