Standard Deduction 2024 Tax Brackets. The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.

The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket. See current federal tax brackets and rates based on your income and filing status.