"Why Your Paycheck Could Increase in 2024"

The IRS has announced inflation adjustments to the tax code, resulting in potential increases in paychecks for many Americans in 2024. The adjustments include changes to the standard deduction and individual income brackets, with earning thresholds about 5.4 percent higher. This means that individuals falling into lower tax brackets may see a higher take-home pay. However, getting a raise may also lead to increased taxes due to the progressive nature of the U.S. income tax system.