"IRS Unveils Updated Income Tax Brackets for 2024"

The IRS has announced the income tax brackets and adjustments for tax year 2024. The standard deduction for married couples filing jointly will increase to $29,200, while for single taxpayers and married individuals filing separately, it will rise to $14,600. The top tax rate remains at 37% for individual single taxpayers with incomes over $609,350. Other highlights include changes to the Alternative Minimum Tax exemption amount, Earned Income Tax Credit, qualified transportation fringe benefit, health flexible spending arrangements, and foreign earned income exclusion. The full details can be found on the IRS website.